Corey Booker

The Pronk Pops Show 1281, June 26, 2019, Story 1: When The Circus Came To Town and Nobody Came — Send In The Socialist Clowns — Walk Like A Man — Santa Claus Socialist: Vote For Me and I Will Give You Free Stuff Paid For By Higher Taxes and More Debt — Democrat Demolition Derby — Videos — Story 2: Hacking An Election: Google Whistle Blower Reveals Google Progressive Propaganda Programming To Defeat Trump in 2020 — Big Tech Censorship — Algorithmic Fairness With Biased Results and Lies! — Holding Big Tech Accountable — Intellectual Dark Web — Videos — Story 3: Presidential Harassment — More Mueller Madness — No Collusion, No Obstruction, No Redo — Move On To Clinton Obama Democrat Criminal Conspiracy — Blows Up — Videos — Story 4: Israel Aerial Global Position Systems (GPS) Disrupted — Russian Interfering With GPS — Videos —

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Pronk Pops Show 1281 June 26, 2019

Pronk Pops Show 1280 June 25, 2019

Pronk Pops Show 1279 June 24, 2019

Pronk Pops Show 1278 June 20, 2019 

Pronk Pops Show 1277 June 19, 2019

Pronk Pops Show 1276 June 18, 2019

Pronk Pops Show 1275 June 17, 2019

Pronk Pops Show 1274 June 13, 2019

Pronk Pops Show 1273 June 12, 2019

Pronk Pops Show 1272 June 11, 2019

Pronk Pops Show 1271 June 10, 2019

Pronk Pops Show 1270 June 6, 2019

Pronk Pops Show 1269 June 5, 2019

Pronk Pops Show 1268 June 3, 2019

Pronk Pops Show 1267 May 30, 2019

Pronk Pops Show 1266 May 29, 2019

Pronk Pops Show 1265 May 28, 2019

Pronk Pops Show 1264 May 24, 2019

Pronk Pops Show 1263 May 23, 2019

Pronk Pops Show 1262 May 22, 2019

Pronk Pops Show 1261 May 21, 2019

Pronk Pops Show 1260 May 20, 2019

Pronk Pops Show 1259 May 16, 2019

Pronk Pops Show 1258 May 15, 2019

Pronk Pops Show 1257 May 14, 2019

Pronk Pops Show 1256 May 13, 2019

Pronk Pops Show 1255 May 10, 2019

Pronk Pops Show 1254 May 9, 2019

Pronk Pops Show 1253 May 8, 2019

Pronk Pops Show 1252 May 7, 2019

Pronk Pops Show 1251 May 6, 2019

Pronk Pops Show 1250 May 3, 2019

Pronk Pops Show 1249 May 2, 2019

Pronk Pops Show 1248 May 1, 2019

Pronk Pops Show 1247 April 30, 2019

Pronk Pops Show 1246 April 29, 2019

Pronk Pops Show 1245 April 26, 2019

Pronk Pops Show 1244 April 25, 2019

Pronk Pops Show 1243 April 24, 2019

Pronk Pops Show 1242 April 23, 2019

Pronk Pops Show 1241 April 18, 2019

Pronk Pops Show 1240 April 16, 2019

Pronk Pops Show 1239 April 15, 2019

Pronk Pops Show 1238 April 11, 2019

Pronk Pops Show 1237 April 10, 2019

Pronk Pops Show 1236 April 9, 2019

Pronk Pops Show 1235 April 8, 2019

Pronk Pops Show 1234 April 5, 2019

Pronk Pops Show 1233 April 4, 2019

Pronk Pops Show 1232 April 1, 2019 Part 2

Pronk Pops Show 1232 March 29, 2019 Part 1

Pronk Pops Show 1231 March 28, 2019

Pronk Pops Show 1230 March 27, 2019

Pronk Pops Show 1229 March 26, 2019

Pronk Pops Show 1228 March 25, 2019

Pronk Pops Show 1227 March 21, 2019

Pronk Pops Show 1226 March 20, 2019

Pronk Pops Show 1225 March 19, 2019

Pronk Pops Show 1224 March 18, 2019

Pronk Pops Show 1223 March 8, 2019

Pronk Pops Show 1222 March 7, 2019

Pronk Pops Show 1221 March 6, 2019

Pronk Pops Show 1220 March 5, 2019

Pronk Pops Show 1219 March 4, 2019

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Story 1: When The Circus Came To Town and Nobody Came — Send In The Socialist Clowns — Walk Like A Man — Santa Claus Socialist: Vote For Me and I Will Give You Free Stuff Paid For By Higher Taxes and More Debt — Democrat Demolition Derby — Videos —

Judy Collins Send in the Clowns

JUDY COLLINS – SEND IN THE CLOWNS

Send in the Clowns
Isn’t it rich?
Are we a pair?
Me here at last on the ground,
You in mid-air,
Where are the clowns?
Isn’t it bliss?
Don’t you approve?
One who keeps tearing around,
One who can’t move,
Where are the clowns?
There ought to be clowns?
Just when I’d stopped opening doors,
Finally knowing the one that I wanted was yours
Making my entrance again with my usual flair
Sure of my lines
No one is there
Don’t you love farce?
My fault, I fear
I thought that you’d want what I want
Sorry, my dear!
But where are the clowns
Send in the clowns
Don’t bother, they’re here
Isn’t it rich?
Isn’t it queer?
Losing my timing this late in my career
But where are the clowns?
There ought to be clowns
Well, maybe next year
Source: LyricFind
Songwriters: Stephen Sondheim
Send in the Clowns lyrics © Warner/Chappell Music, Inc

Ringling Bros. and Barnum & Bailey – 145th Clown Alley Mash Up

Clown Car

Divine – Walk Like A Man (1985) HQ

DIVINE – YOU THINK YOU’RE A MAN (Extended Video Edit)

Watch Highlights From Round 1 Of The First Democratic Debate | NBC News

The First 2019 Democratic Debate: The Key Moments | NYT News

Biggest moments from 1st Democratic debate

CBSN full coverage and analysis of the first Democratic debate night

Democratic Debate: Every Candidate Names The Country’s Biggest Threat | NBC New York

Gutfeld on Wednesday’s debate

Jimmy Recaps Night One of the First Democratic Debate

How candidates are prepping for first round of Democratic debates

All Eyes On Elizabeth Warren At First Democrats Debate | Morning Joe | MSNBC

2020 Democratic hopefuls set to take the stage in first debate

Victor Davis Hanson on “The Case For Trump”

WARS AND RUMORS OF WARS

MEMO TO TRUMP: TRADE BOLTON FOR TULSI

Pat Buchanan: Congresswoman would deliver foreign policy Trump has not

“For too long our leaders have failed us, taking us into one regime-change war after the next, leading us into a new cold war and arms race, costing us trillions of our hard-earned taxpayer dollars and countless lives. This insanity must end.”

Donald Trump, circa 2016?

Nope. That denunciation of John Bolton interventionism came from Rep. Tulsi Gabbard of Hawaii during Wednesday night’s Democratic debate. At 38, she was the youngest candidate on stage.

Gabbard proceeded to rip both the “president and his chickenhawk cabinet (who) have led us to the brink of war with Iran.”

In a fiery exchange, Rep. Tim Ryan of Ohio countered that America cannot disengage from Afghanistan: “When we weren’t in there they started flying planes into our buildings.”

“The Taliban didn’t attack us on 9/11,” Gabbard replied, “Al-Qaida attacked us on 9/11. That’s why I and so many other people joined the military, to go after al-Qaida, not the Taliban.”

When Ryan insisted we must stay engaged, Gabbard shot back:

“Is that what you will tell the parents of those two soldiers who were just killed in Afghanistan? ‘Well, we just have to be engaged.’ As a solider, I will tell you, that answer is unacceptable. … We are no better off in Afghanistan that we were when this war began.”

 https://www.wnd.com/2019/06/memo-to-trump-trade-bolton-for-tulsi/#OlLdH6QsdwFi2UFE.99

 

 

Breakouts, burns and zingers: What to watch in Dem debates

today

Democratic presidential candidate Sen. Elizabeth Warren, D-Mass., holds a town hall on the Florida International University campus on Tuesday, June 25, 2019, in Miami. (Jennifer King/Miami Herald via AP)

WASHINGTON (AP) — Sixty seconds for answers, a television audience of millions and, for some candidates, a first chance to introduce themselves to voters.

The back-to-back Democratic presidential debates beginning Wednesday are exercises in competitive sound bites featuring 20 candidates hoping to oust President Donald Trump in 2020. The participants range widely in age, sex and backgrounds and include a former vice president, six women and a pair of mayors.

The challenge: Convey their plans for the nation, throw a few elbows and sharpen what’s been a blur of a race so far for many Americans.

What to watch Wednesday at 9 p.m. Eastern on NBC, MSNBC and Telemundo:

___

WHAT’S HER PLAN?

Sen. Elizabeth Warren’s task is to harness her campaign’s momentum to convince voters that she has what it takes to defeat Trump. As the sole top-tier candidate on stage Wednesday, she could have the most to lose.

The Massachusetts senator and former Harvard professor is known for her many policy plans and a mastery of classical, orderly debate. But presidential showdowns can be more “Gladiator”-style than the high-minded “Great Debaters.”

This is no time for a wonky multipoint case for “Medicare for All,” student debt relief or the Green New Deal.

So, one challenge for Warren, 70, is stylistic. Look for her to try to champion her progressive ideas — and fend off attacks from lesser-known candidates — with gravitas, warmth and the brevity required by the format.

“Preparing for the debates is trying to learn to speak in 60 seconds or less,” she said in Miami, ahead of a visit she live-streamed to a migrant detention center in Homestead, Florida.

Another obstacle is to do so without alienating the moderate voters any Democrat would need in a general election to beat Trump.

Being the front-runner on stage conveys a possible advantage: If the others pile on Warren, she gets more time to speak because the candidates are allowed 30 extra seconds for responses.

___

WHO’S THAT?

There may be some familiar faces across the rest of the stage, such as New Jersey Sen. Cory Booker, 50, or former Texas congressman Beto O’Rourke, 46. But a few names probably won’t ring any bells at all.

These virtual strangers to most Americans may be enjoying their first — and maybe last — turn on the national stage, so they have the least to lose.

Take John Delaney, 56, a former member of the House from Maryland. Look for him to try to make an impression by keeping up his criticism of Warren’s plans.

Or Ohio Rep. Tim Ryan, 45, who sits on the powerful House Appropriations Committee. He has likened the Democratic primary to “speed dating with the American people.”

 

For several of the candidates onstage Wednesday, the forum is about finding the breakout moment — a zinger, a burn — that stays in viewers’ minds, is built for social media and generates donations, the lifeblood of campaigns.

In 2015, Republican presidential candidate Carly Fiorina won applause and a short surge for her response to Trump, who had been quoted in Rolling Stone as criticizing Fiorina’s face.

“Look at that face,” Trump was quoted as saying. “Would anyone vote for that?”

Asked on CNN to respond, Fiorina evenly replied: “I think women all over this country heard very clearly what Mr. Trump said.”

For candidates such as O’Rourke, a breakthrough moment on Wednesday is critical to revitalizing a campaign that has faded. The 10 White House contenders have two hours on stage that night and up until the curtain rises on the star-studded second debate the next day to make their mark. Former Vice President Joe Biden, 76, and Vermont Sen. Bernie Sanders, 77, headline Thursday’s debate and are certain to take up much of the spotlight.

___

BREAKING OUT BADLY

An “oops” moment can be politically crippling to any presidential campaign.

Just ask Energy Secretary Rick Perry, the former Texas governor who, in a 2011 debate, blanked on the third agency of government he had said would be “gone” if he became president.

“Commerce, Education and the, uh, what’s the third one there?” Perry said.

“EPA?” fellow Republican Ron Paul offered. Yep, Perry said, the Environmental Protection Agency.

“Oops,” he finished. Perry’s campaign, already struggling, never recovered.

___

WHAT ISSUES?

There’s simply no time for an in-depth discussion of issues. But the migrant crisis would be an apt topic, even in shorthand. Dominating the news in the hours before the showdown were vivid news reports and images of the toll of the administration’s policy on children, especially.

Expect at least a mention, or perhaps the appearance, of a bracing photo of the bodies of a migrant father and his 23-month-old daughter face-down along the Rio Grande.

In addition to Warren, other candidates were visiting the migrant center in Homestead, Florida, while they were in Miami for the debates.

___

TRUMP

This is the Democrats’ night.

But Trump has dominated the political conversation since that escalator ride four years ago, and he loathes being upstaged. It’s worth asking: Will he tweet during the debates? And if he does, will NBC and the moderators ignore him or respond in real time?

NBC News executive Rashida Jones said the focus will be on the candidates and the issues.

“Beyond that, it has to rise to a certain level,” she said.

During Wednesday’s debate, Trump will be on Air Force One on his way to the Group of 20 summit in Osaka, Japan. The plane’s cable televisions are usually turned to Fox News, which is not hosting the debates. For the second debate, Trump will be beginning meetings at the G-20.

Trump told Fox Business Network on Wednesday that he’d watch because “it’s part of my life” but that “It just seems very boring. … That’s a very unexciting group of people.”

https://www.apnews.com/4527965e38334543978e6dcbf0c31d72

Julian Castro

From Wikipedia, the free encyclopedia

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Julián Castro
Julián Castro's Official HUD Portrait.jpg
16th United States Secretary of Housing and Urban Development
In office
July 28, 2014 – January 20, 2017
President Barack Obama
Deputy Nani A. Coloretti
Preceded by Shaun Donovan
Succeeded by Ben Carson
Mayor of San Antonio
In office
June 1, 2009 – July 22, 2014
Preceded by Phil Hardberger
Succeeded by Ivy Taylor
Member of the San Antonio City Council
from the 7th district
In office
July 1, 2001 – July 1, 2005
Preceded by Ed Garza
Succeeded by Elena Guajardo
Personal details
Born September 16, 1974 (age 44)
San AntonioTexas, U.S.
Political party Democratic
Spouse(s)
Erica Lira (m. 2007)
Children 2
Relatives Joaquin (twin brother)
Education Stanford University (BA)
Harvard University (JD)

Julián Castro (/ˌhliˈɑːn/ HOO-lee-AHN,[1] Spanish: [xuˈljan]; born September 16, 1974) is an American Democratic politician who was the youngest member of President Obama’s Cabinet, serving as the 16th United States Secretary of Housing and Urban Development from 2014 to 2017.

Castro served as the mayor of his native San AntonioTexas from 2009 until he joined Obama’s cabinet in 2014. He was mentioned as a possible running mate for Hillary Clinton during the 2016 presidential campaign.[2][3]Castro is the twin brother of Congressman Joaquin Castro.

On January 12, 2019, Castro launched his campaign for the Democratic nomination for President of the United States in 2020 in San Antonio.[4]

Contents

Early life and family

Castro[5] was born in San AntonioTexas, the son of Maria “Rosie” Castro and Jessie Guzman.[6] He is the identical twin brother of current United States Representative Joaquin Castro;[5] Julián is one minute older than Joaquin: they were born at 2:40 and 2:41 am, respectively.[7]

Their mother was a Chicana political activist who helped establish the Chicano political party La Raza Unida,[8] and who ran unsuccessfully for the San Antonio City Council in 1971.[5] Castro once stated, “My mother is probably the biggest reason that my brother and I are in public service. Growing up, she would take us to a lot of rallies and organizational meetings and other things that are very boring for an 8-, 9-, 10-year-old”.[9] His father, Jessie Guzman, is a retired mathematics teacher and political activist. Never married, Rosie and Jessie separated when Castro and his brother were eight years old.[8] Castro’s Texan roots trace back to 1920, when his grandmother Victoria Castro joined extended family members there as a six-year-old orphan from northern Mexico.[5]

Education

Castro attended Thomas Jefferson High School in San Antonio, where he played football, basketball and tennis; he also collected trading cards.[10] He skipped his sophomore year[11] and graduated in 1992,[12] ranking ninth in his class.[8] He had received an offer to play tennis at Trinity University, an NCAA Division III school in his hometown, but chose to attend Stanford University.[13]

Castro graduated from Stanford in 1996 with a bachelor’s degree in political science and communications. He said he began thinking about entering politics while at Stanford,[8] where he and his brother launched their first campaigns and won student senate seats, tying for the highest number of votes.[5] Castro has credited affirmative action for his admission into Stanford, telling The New York Times, “Joaquin and I got into Stanford because of affirmative action. I scored 1210 on my SATs, which was lower than the median matriculating student. But I did fine in college and in law school. So did Joaquin. I’m a strong supporter of affirmative action because I’ve seen it work in my own life”.[14] Between his sophomore and junior years, Castro worked as an intern at the White House during the presidency of Bill Clinton.[15]

Castro entered Harvard Law School in 1997 and graduated with a Juris Doctor in 2000.[16][17] His brother graduated from both schools with him.[8] After law school, the two brothers worked for the law firm Akin Gump Strauss Hauer & Feld before starting their own firm in 2005.[18]

In 2018, Castro was named as the Dean’s Distinguished Fellow and Fellow of the Dávila Chair in International Trade Policy at the Lyndon B. Johnson School of Public Affairs.[19]

Political career

San Antonio city council and mayor

Julian Castro and his twin brother Representative Joaquin Castro at the LBJ Presidential Library.

Castro meets with U.S. Senate Majority Leader Harry Reid on July 7, 2014

In 2001, Castro was elected to the San Antonio City Council, winning 61 percent of the vote against five challengers. At age 26 he was the youngest city councilman in San Antonio history, surpassing Henry Cisneros, who won his council seat in 1975 at age 27. Castro represented District 7, a precinct on the city’s west side with 115,000 residents. The population was 70 percent Hispanic and included a large number of senior citizens.[20] As a councilman from 2001 to 2005, he opposed a PGA-approved golf course and large-scale real estate development on the city’s outer rim.[21]

Castro ran for mayor of San Antonio in 2005 and was widely viewed as the front runner in a field that also included retired judge Phil Hardberger and conservative city councilman Carroll Schubert. He was defeated by approximately 4000 votes when Hardberger received 51.5% of the votes in the runoff.[22][23] Following his election defeat, Castro established his own law practice.[15]

Castro ran for mayor of San Antonio again in 2009. Castro hired Christian Archer, who had run Hardberger’s campaign in 2005, to run his own 2009 campaign.[15] Castro won the election on May 9, 2009 with 56.23% of the vote, his closest opponent being Trish DeBerry-Mejia.[24] He became the fifth Latino mayor in the history of San Antonio. He was the youngest mayor of a top-50 American city.[25] Castro easily won re-election in 2011 and 2013, receiving 82.9% of the vote in 2011[26] and 67% of the vote in 2013.[27]

In 2010, Castro created SA2020, a community-wide visioning effort. It generated a list of goals created by the people of San Antonio based on their collective vision for San Antonio in the year 2020. SA2020 then became a nonprofit organization tasked with turning that vision into a reality.[28] Castro also established Cafe College in 2010, offering college guidance to San Antonio-area students. In 2012 he led a voter referendum to expand pre-kindergarten education.[25] Castro persuaded two of the most prominent businessmen in San Antonio, Charles Butt and Joe Robles, to lead an effort to pass a $30 million sales tax to fund the pre-kindergarten education program.[15]

In March 2010, Castro was named to the World Economic Forum‘s list of Young Global Leaders. Later that year, Time magazine placed him on its “40 under 40” list of rising stars in American politics.[29]

Castro gained national attention in 2012 when he was the first Hispanic to deliver the keynote address at a Democratic National Convention in Charlotte, North Carolina.[30][31] Following the 2012 elections, Castro declined the position of United States Secretary of Transportation, partly with an eye on running for governor of Texas after 2017.[15] However, in 2014, Castro accepted President Barack Obama‘s offer of the position of United States Secretary of Housing and Urban Development.[15] Castro resigned as mayor effective July 22, 2014, so that he could take up his duties in Washington. The San Antonio City Council elected councilmember Ivy Taylor to replace him.[32]

Secretary of Housing and Urban Development

On May 22, 2014 the White House announced Castro as the nominee to be the next secretary of Housing and Urban Development (HUD) by President Barack Obama. He was confirmed by the Senate on July 9, 2014 by a vote of 71-26 and replaced Shaun Donovan, who was nominated to be the Director of the Office of Management and Budget.[33] He took office on July 28, 2014.[34] Following the announcement, Castro was discussed as a potential nominee for vice president for the Democratic Party in the 2016 presidential election.[35][36]

On July 28, 2014, his first day in office, Castro was honored at a reception called “Celebrating Latino Cabinet Members” hosted by the Congressional Hispanic Caucus Institute.[37]

Upon exiting office in 2017, Castro’s final memo outlined various accomplishments of the department under his leadership.[38] These areas included HUD’s work to stabilize the housing market, rebuild communities struck by natural disasters through a $1 billion National Disaster Resilience Competition, expansion of lead safety protections in federally assisted housing, and the Affirmatively Furthering Fair Housing rule to “finally fulfill the full obligation of the Fair Housing Act.[39]

2016 presidential election

Secretary Castro introducing President Obama at an event on the recovering housing sector in Phoenix, Arizona in January 2015.

On October 15, 2015, Castro endorsed Hillary Clinton for president. When Clinton was asked if Castro could be her pick for vice president, she said, “I am going to look really hard at him for anything because that’s how good he is.”[40] Discussion of Castro as a candidate to run on the Democratic ticket with Hillary Clinton increased markedly in January 2016, as the Iowa and New Hampshire primaries approached.[41][42] In late January, Castro began to campaign for Clinton in Iowa, a move interpreted as a test of his appeal to the electorate.[43] In July 2016, the U.S. Office of Special Counsel issued a finding that Castro had violated the Hatch Act by commenting on the 2016 campaign while giving an interview in an official capacity; Castro admitted the error and ordered his team to improve training on the Hatch Act.[44]

Memoir

In October 2018, Castro published his memoir, An Unlikely Journey: Waking Up from My American Dream through Little, Brown and Company.[45]

2020 presidential campaign

Castro has already visited the first in the nation New Hampshire primary state in 2018 and delivered the commencement address at New England College in Henniker, New Hampshire, on May 12, 2018. Castro stated that he would make his decision on whether to run in 2020 after the November 2018 mid-term elections.[46] On December 12, 2018, Castro announced the formation of an exploratory committee.[47] The next day, during an episode of The Late Show with Stephen Colbert, Julián’s brother Joaquin (during a joint appearance by both brothers) stated that he confidently believes that Julián will be running for president.[48]

Castro formally announced his candidacy for the 2020 presidential election on January 12, 2019. Castro would be the first Democratic presidential nominee since 1924 to not serve as vice president, governor or senator.[49] He is the first Texan in the 2020 race, and would be third-youngest president if elected. In his announcement, Castro emphasized Medicare-for-all, universal pre-K and a pathway to citizenship for undocumented immigrants as part of comprehensive immigration reform.[50]

Political positions

Economy

Castro “believes in balanced budgets”.[51]

Trade

Castro is a supporter of free trade. He has been a strong supporter of the North American Free Trade Agreement while serving as mayor of San Antonio, but has also said that the agreement should be renegotiated to “strengthen worker and environmental protections”.[52][51]

Education

Castro has voiced support for making the first two years of higher education free. He supports universal pre-kindergarten, and managed to institute a pre-kindergarten program for 4-year-olds, funded by higher local taxes, while serving as mayor of San Antonio.[52][53]

Healthcare

Castro has called for universal health care and Medicare for All, and indicated he would consider funding such a program by raising taxes on corporations and the wealthy.[52] He has supported the Affordable Care Act.[54]

Environment

Castro supports the Paris climate accord, and has criticized President Trump’s withdrawal from the agreement. While in office, Castro worked with companies to promote their transition to renewable energy.[52] He has voiced support for a Green New Deal.[55]

In the past, Castro has advocated for an “energy policy that includes fossil fuels”[51] while also “pointing out the benefits of fossil fuel jobs”.[56]

Foreign policy

Syria

Castro has endorsed a gradual withdrawal of U.S. troops from Syria while also criticizing Trump’s approach to the issue.[52]

Campaign finance

Castro has stated that he is “not going to take any PAC money” as a presidential candidate, and has encouraged others to do the same. He had however formed a PAC (Opportunity First) in 2017 which mostly covered his running expenses while also donating to several dozen “young, progressive” Democratic politicians.[57]

Social issues and civil rights

Abortion

Despite his Catholic background, Castro is pro-choice, and has “vigorously” opposed state laws limiting abortion access after the 20th week of pregnancy and other restrictions.[52]

LGBT rights

Castro has been an advocate for LGBT rights and, as mayor, opposed the law in Texas (later overturned by the U.S. Supreme Court) that denied legal recognition to same-sex marriages.[58] He is also a member of Washington D.C. based think tank the Inter-American Dialogue.[59] Castro was the first San Antonio mayor to serve as the grand marshal of the city’s Pride Parade in 2009 and in 2011 led a push to offer domestic partner benefits in the city. In 2012, he joined mayors across the country in signing the “Mayors for the Freedom to Marry” petition for same-sex marriage equality.[60][52]

Castro said in a tweet that transgender persons should be allowed to serve in the armed forces.[52]

Gun rights

Castro supports tighter gun control, and has supported the reinstatement of the assault weapons ban, limiting access to high-capacity magazines, and closing the “gun show loophole”.[52]

Affirmative action

Castro has backed affirmative action.[54]

Immigration

Castro supports a pathway to citizenship for most undocumented residents of the US, has opposed President Trump’s “border wall” plan, and has said that the U.S. Immigration and Customs Enforcement agency needs to be “reconstituted”. Additionally, he asserted in the first Democratic primary candidate debates on June 26, 2019[61] that he would repeal Section 1325[62] [52] of Title 8 of the U.S. criminal code, which would decriminalize illegal entry into the U.S., rendering unlawful entry a civil offense instead of a criminal one.

Personal life

In 2007, Castro married Erica Lira, an elementary school teacher. They had a daughter in 2009 and a son in December 2014.[8][63] He is Catholic.[64] He speaks Spanish, but it is reported that he is not fluent, and studied Latin and Japanese in school.[60][65]

References …

https://en.wikipedia.org/wiki/Julian_Castro

 

John Delaney (Maryland politician)

From Wikipedia, the free encyclopedia

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John Delaney
John Delaney 113th Congress official photo.jpg
Member of the U.S. House of Representatives
from Maryland‘s 6th district
In office
January 3, 2013 – January 3, 2019
Preceded by Roscoe Bartlett
Succeeded by David Trone
Personal details
Born
John Kevin Delaney

April 16, 1963 (age 56)
Wood-RidgeNew Jersey, U.S.

Political party Democratic
Spouse(s)
April McClain (m. 1990)
Children 4
Education Columbia University (BA)
Georgetown University (JD)

John Kevin Delaney (born April 16, 1963) is an American politician and businessman who is running for President of the United States in 2020. He was the United States Representative for Maryland’s 6th congressional district from 2013 to 2019.[1] He is a member of the Democratic Party.

On July 28, 2017, Delaney became the first Democrat to announce he is running for president in 2020.[2] Delaney did not run for re-election to Congress in 2018, preferring to focus on his presidential campaign, and David Trone was elected to succeed him.

 

Early life and education

Delaney grew up in Wood-Ridge, New Jersey, the son of Elaine (Rowe) and Jack Delaney, an electrician. He has Irish ancestry.[3] Delaney claims to be of Catholic faith, and has said that his “social justice orientation” was influenced by his faith “to some extent”.[4] Delaney spent part of his youth working at his father’s construction site.[5]

Scholarships helped him attend college thanks to his father’s labor union (IBEW Local 164) as well as the American LegionVFW, and the Lions Club. He graduated from Bergen Catholic High School,[6] and went on to earn a bachelor’s degree from Columbia University, in 1985, and a law degree from Georgetown University Law Center, in 1988.[7][8] In February 2015, Delaney received an honorary doctor of laws degree from Washington College in Chestertown, Maryland.[9]

Business career

Delaney co-founded two companies that were publicly traded on the New York Stock Exchange. He won the Ernst & Young Entrepreneur of the Year Award in 2004.[10]

In 1993, he co-founded Health Care Financial Partners (HCFP), to make loans available to smaller-sized health care service providers purportedly ignored by larger banks.[11] HCFP went public in 1996, and its stock began trading on the New York Stock Exchange in 1998.[12] Health Care Financial Partners was acquired by Heller Financial in 1999.[13]

In 2000, Delaney co-founded CapitalSource, a commercial lender headquartered in Chevy Chase, Maryland; the company provided capital to roughly 5,000 small and mid-size businesses before his departure.[14] In 2010, during Delaney’s tenure as CEO, CapitalSource was awarded a Bank Enterprise Award from the Community Development Financial Institutions Fund by the U.S. Treasury Department for its investment in low-income and economically distressed communities.[15] In 2005, CapitalSource was named one of Washingtonian Magazine’s best places to work for its company culture and employee benefits.[16]

CapitalSource continued to be publicly traded on the NYSE after Delaney’s election, making him the only former CEO of a publicly traded company serving in the 113th United States Congress.[17] In 2014, the lender was absorbed by PacWest Bancorp.[18]

U.S. House of Representatives

2012 election

After redistricting, Delaney decided to run for the newly redrawn 6th District against 10-term Republican incumbent Roscoe Bartlett. The district had long been a Republican stronghold, but it had been significantly reconfigured. The Maryland General Assembly shifted heavily Republican Carroll County and a mostly Republican section of Frederick County to the heavily Democratic 8th district. It shifted Republican-tilting sections of Harford and Baltimore counties into the already heavily Republican 1st district. Taking their place was a heavily Democratic spur of western Montgomery County, which ended just two blocks from Delaney’s home in Potomac. The redrawn district, the state’s second-largest, thus includes nearly the entire western portion of the state, but the bulk of its vote is cast in the outer suburbs of Washington, D.C.

On paper, this dramatically altered the district’s demographics, turning it from a heavily Republican district into a Democratic-leaning district. While John McCain carried the 6th with 57 percent of the vote in 2008,[19] Barack Obama would have carried the new 6th with 56 percent.[20] The Montgomery County share of the district has three times as many people as the rest of the district combined.

The shifts were quite controversial, as Republicans accused Democrats of shifting district boundaries in their favor, and former Governor Martin O’Malley later admitted the redrawn districts would favor Democrats. “That was my hope,” O’Malley told attorneys in a deposition. “It was also my intent to create … a district where the people would be more likely to elect a Democrat than a Republican.”[21]

During the primary, Delaney was endorsed by former President Bill Clinton, U.S. Congresswoman Donna Edwards, Comptroller Peter Franchot, the Washington Post, and the Gazette.[22][23][24]

On April 3, 2012, Delaney won the five-candidate Democratic primary field with 54% of the vote. The next closest opponent, State Senator Robert J. Garagiola, received 29% of the vote, 25 points behind Delaney.[25][26]

In the November 6, 2012 general election, Delaney defeated Bartlett by 59%–38%, a 21-point margin. He won the Montgomery County share of the district by almost 56,000 votes, accounting for almost all of the overall 58,900 margin of votes.[27]

2014 election

Delaney faced a closer-than-expected contest for reelection against Republican Dan Bongino, the Republican candidate for Senate in 2012. He ultimately won by just over 2,200 votes, due mainly to swamping Bongino in the Montgomery County portion of the district by over 20,500 votes.[28] Larry Hogan carried the district in his successful run for governor.

2016 election

Delaney won a third term in 2016, taking 56 percent of the vote to Republican Amie Hoeber’s 40 percent.

Tenure

Since his election to Congress, Delaney introduced legislation to end partisan gerrymandering. The Open Our Democracy Act of 2017 would appoint independent redistricting commissions nationwide to end partisan gerrymandering, make Election Day a federal holiday and create an open top-two primary system.[29]

Delaney was ranked as the 53rd most bipartisan member of the U.S. House of Representatives during the 114th United States Congress (and the most bipartisan member of the U.S. House of Representatives from Maryland) in the Bipartisan Index created by The Lugar Center and the McCourt School of Public Policy that ranks members of the United States Congress by their degree of bipartisanship (by measuring the frequency each member’s bills attract co-sponsors from the opposite party and each member’s co-sponsorship of bills by members of the opposite party).[30] In 2015, a similar ranking by the nonpartisan site GovTrack ranked Delaney third highest for bipartisanship among all House Democrats.[31]

Committee assignments

Caucus memberships

Legislation sponsored

Key legislation which Delaney has sponsored:

  • Medical Leave for Disabled Veterans Act (H.R. 5165; 114th Congress) – a bill that would relax the criteria for eligible veterans to qualify for FMLA to seek medical treatment for their service-connected disabilities.[37]
  • Veterans’ Advisory Committee on Education Improvement Act of 2013 (H.R. 2011; 113th Congress) – a bill that would extend through the end of 2015 the Veterans’ Advisory Committee on Education and change its membership.[38]
  • Partnership to Build America Act of 2013 (H.R. 2084; 113th Congress) – a bill that would establish the American Infrastructure Fund (AIF).[39]
  • Infrastructure 2.0 Act (H.R. 1670; 115th Congress) – a bill that uses revenue from international tax reform to fund an infrastructure bank and the Highway Trust Fund.[40]
  • Medical Foods Equity Act of 2013 (H.R. 3665; 113th Congress) – a bill that would extend coverage of medical foods, vitamins, and amino acids to those with metabolic disorders.[41]
  • Open Our Democracy Act (H.R. 2981; 115th Congress) – a bill proposed to make election day a federal holiday, make all congressional primary elections open elections so all eligible voters can participate in them, and to end gerrymandering by requiring independent commissions to draw the districts in each state.[29][42]

2020 presidential bid

Logo for Delaney’s presidential campaign

Despite a rumored bid to run against governor Larry Hogan in 2018, Delaney bypassed the 2018 elections altogether. On July 28, 2017, Delaney announced his run for president in 2020 in a Washington Post op-ed.[2]

Political views

Delaney has been frequently referred to as a “moderate”. However, he does not entirely identify as such.[43] Delaney has remarked,

People have a hard time labeling me. Some of the things they hear me talking about are on the total progressive or liberal end of the spectrum, and in other ways I’m kind of a solutions-oriented moderate who wants to get things done.[43]

He has received the top score of 100 from the Human Rights Campaign for his support of equality-related legislation, with him stating “No one should be discriminated against because of who they are or who they love” in response to this recognition.[44][45]

Delaney has stated he would support increasing the corporate tax rate to 23 percent “to raise about $200 billion for infrastructure”.[46]

Personal life

Delaney and his wife April (née McClain) met at Georgetown University Law Center and have four daughters. His wife is the Washington, D.C. Director for Common Sense Media, a non-profit organization dedicated to educating families on social media. Two of his daughters attend Northwestern University.

He was a member of the Board of Directors of several organizations: St. Patrick’s Episcopal Day School (Chairman), Georgetown UniversityNational Symphony Orchestra, and the International Center for Research on Women.[17]

References …

https://en.wikipedia.org/wiki/John_Delaney_(Maryland_politician)

Story 2: Hacking An Election: Google Whistle Blower Reveals Google Progressive Propaganda Programming To Defeat Trump in 2020 — Big Tech Censorship — Algorithmic Fairness With Biased Results and Lies! — Holding Big Tech Accountable — Intellectual Dark Web — Videos —

See the source imageSee the source imageSee the source image

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Dan Crenshaw Interrogates Social Media Execs on Silencing Conservatives

In a house hearing today, Representative Dan Crenshaw interrogated social media execs on conservative censorship. Crenshaw brought up the recent Project Veritas expose which allegedly uncovered google employees labeling Ben Shapiro and other prominent conservatives as Nazis.

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Published on Jun 19, 2019

Bret Weinstein discusses the controversy surrounding Steven Crowder’s remarks on Carlos Maza and the deeper implications the fallout has on big tech’s influence over censorship and free speech.

Campus Argument Goes Viral As Evergreen State Is Caught In Racial Turmoil (HBO)

Professor objects to no white people on campus demand

Bret Weinstein Testifies to Congress on The Evergreen State College riots, Free Speech & Safe Spaces

Published on Jun 8, 2018

Bret Weinstein’s testimony to the House of Representatives about the free speech crisis on U.S. college campuses. The testimony delivered by Dr. Weinstein to the members of the Committee on Oversight and Government Reform explained that the crisis isn’t primarily about free speech, and won’t be limited to college campuses for long. Help support my work on Patreon: https://www.patreon.com/bretweinstein/ Twitter: @BretWeinstein https://twitter.com/BretWeinstein Excerpt from Dr. Weinstein’s testimony: Oppression Disguised as Equity Testimony of Bret S. Weinstein United States House of Representatives May 22, 2018 Tomorrow is the one year anniversary of the day that 50 Evergreen students–students that I had never met–disrupted my class, accusing me of racism and demanding my resignation. I tried to reason with them. I felt no fear because I knew that, whatever my failings might be, bigotry was not among them. At that moment. I felt sure I could reach these students. I also felt a moral obligation to try. Racism, which squanders human potential, and erodes human dignity, offends me. I am also well versed in the evolutionary logic that makes racism durable. I should have had no trouble establishing common ground. Their response surprised me, and it would take months for me to fully understand what had happened. The protestors had no apparent interest in the very dialog they seemed to invite. I was even more surprised by the protestor’s fervor in shouting down my actual students–some of whom had known me for years. The cruelty and derision reserved for students of color who spoke in my defense was particularly chilling. If not discussion, what did they want? I was one of Evergreen’s most popular professors. I had Evergreen’s version of tenure. Did they really think they could force my resignation based on a meritless accusation? They did think that. And they were right. What I had not counted on was their alliance with Evergreen’s new president. Though the protestors openly humiliated him, the president of the college partnered with the mob in private, handing them concession after concession. We know this because the rioters filmed everything and proudly uploaded it. In one particularly telling video, President Bridges calmly discusses with the leaders of the protest a demand to target STEM faculty based on the empty assertion that scientists are particularly prone to bias. In that same video the president speaks of his plan for those who resist the new order: “Bring ’em in. Train ’em. And if they don’t get it, sanction ’em.” He invites his partners to hold him to it. On the second day of unrest, the police chief called me. Rioters were stopping traffic and searching for someone, car to car. The chief believed it was me. She was worried for my safety and helpless to protect me as the president had ordered her force to “stand down.” What would have transpired if the rioters had found me? I still don’t know, and I strongly suspect they don’t either. The protest at my class did not emerge out of the blue in May, 2017. One year earlier I stood up and spoke in opposition to a dangerous proposal, one that threatened to establish a racial hierarchy amongst faculty. To those who have not faced something similar, this likely sounds hyperbolic. But one can now advance such policies, and almost certainly succeed in passing them, if they are properly draped in weaponized terminology. “Equity”, for example, has taken on special properties. If a person opposes an “equity” proposal, those advancing the proposal are secure in asserting that their opponent is motivated by opposition to racial equity itself: In other words, that they are racist. My opposition to that first “equity” proposal was voiced to my colleagues, with no students present. Demands for my resignation one year later, were not the result of organic student confusion. They were payback for violating a de facto code of faculty conduct in which one’s right to speak is now dictated by adherence to an ascendant orthodoxy in which one’s race, gender and sexual orientation are paramount. The students were on a mission. They were unwitting tools of a witting movement. This committee should take my tale as cautionary. Is there a free speech crisis on college campuses? One can certainly make that argument, but that portrayal is at least as misleading as it is informative. What is occurring on college campuses is about power and control–speech is impeded as a last resort, used when people fail to self-censor in response to a threat of crippling stigma and the destruction of their capacity to earn. Full Hearing: https://oversight.house.gov/hearing/c…

PART ONE: Bret Weinstein, Heather Heying & the Evergreen Equity Council

Bret Weinstein on Life After Evergreen and Being Progressive (Pt. 1)

Heather Heying on Evergreen State, Trumps Election, and Consciousness (Full Interview)

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The 4 Kinds of Fake News (Eric Weinstein pt. 2)

Tits’ Freudenthal Magic Square and Other Mathematical Theories (Eric Weinstein pt. 3)

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Niall Ferguson on the Intellectual Dark Web and the Culture War (Pt. 1)

Niall Ferguson on Understanding Brexit and Donald Trump (Pt. 2)

Niall Ferguson (historian and author) joins Dave to discuss the ongoing culture war that he and his wife Ayaan Hirsi Ali are fighting and the security and safety concerns that they have as a result, the importance of history, his views on Brexit, Donald Trump, and more.

Tim Pool, Dave Rubin, PragerU CENSORED Youtube Insider Says

We always suspected it, but James O’Keefe has given us the proof of what Google is doing.

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Google Censorship: Taking the Football And Going Home

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Why Patreon banned Jihad Watch

Patreon: Problem & Solution: Dave Rubin & Dr Jordan B Peterson

Published on Dec 16, 2018

Dave Rubin of The Rubin Report and I have been discussing the problems that have emerged with Patreon intensely over the last two weeks (most particularly, the banning of Sargon of Akkad [Carl Benjamin]) with all the relevant people in our networks. We talk here about what we have been doing over the last few months, and what steps we are planning to take next. Rubin also posted this video on his channel: http://www.youtube.com/rubinreport

Joe Rogan – The Issue with Patreon Banning Sargon of Akkad

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Patreon, MasterCard, and Jihad (Discussion with Robert Spencer)

Streamed live on Dec 26, 2018

I’ll be LIVE with Robert Spencer tonight at 6:00pm, discussing the Sharia-compliance of Patreon and MasterCard, and the useful idiots who protect jihad from criticism.

 

BIG UPDATE: YouTube has REMOVED the video from their platform. The video is still available on this website page.
UPDATE 1: Congressman Louie Gohmert issued a statement, saying “Google should not be deciding whether content is important or trivial and they most assuredly should not be meddling in our election process. They need their immunity stripped…”
UPDATE 2: Google executive Jen Gennai RESPONDED to the video, saying, “I was having a casual chat with someone at a restaurant and used some imprecise language. Project Veritas got me. Well done.” 
 Insider: Google “is bent on never letting somebody like Donald Trump come to power again.”
 Google Head of Responsible Innovation Says Elizabeth Warren “misguided” on “breaking up Google”
 Google Exec Says Don’t Break Us Up: “smaller companies don’t have the resources” to “prevent next Trump situation”
 Insider Says PragerU And Dave Rubin Content Suppressed, Targeted As “Right-Wing”
 LEAKED Documents Highlight “Machine Learning Fairness” and Google’s Practices to Make Search Results “fair and equitable”
 Documents Appear to Show “Editorial” Policies That Determine How Google Publishes News
 Insider: Google Violates “letter of the law” and “spirit of the law” on Section 230

(New York City) — Project Veritas has released a new report on Google which includes undercover video of a Senior Google Executive, leaked documents, and testimony from a Google insider.  The report appears to show Google’s plans to affect the outcome of the 2020 elections and “prevent” the next “Trump situation.”

The report includes undercover footage of longtime Google employee and Head of Responsible Innovation, Jen Gennai saying:

“Elizabeth Warren is saying we should break up Google. And like, I love her but she’s very misguided, like that will not make it better it will make it worse, because all these smaller companies who don’t have the same resources that we do will be charged with preventing the next Trump situation, it’s like a small company cannot do that.”

Jen Gennai

Said Project Veritas founder James O’Keefe:

“This is the third tech insider who has bravely stepped forward to expose the secrets of Silicon Valley.  These new documents, supported by undercover video, raise questions of Google’s neutrality and the role they see themselves fulfilling in the 2020 elections.”

Jen Gennai is the head of “Responsible Innovation” for Google, a sector that monitors and evaluates the responsible implementation of Artificial Intelligence (AI) technologies.  In the video, Gennai says Google has been working diligently to “prevent” the results of the 2016 election from repeating in 2020:

“We all got screwed over in 2016, again it wasn’t just us, it was, the people got screwed over, the news media got screwed over, like, everybody got screwed over so we’re rapidly been like, what happened there and how do we prevent it from happening again.”

“We’re also training our algorithms, like, if 2016 happened again, would we have, would the outcome be different?”

Google: Artificial Intelligence Is For A “fair and equitable” State

According to the insider, Machine Learning Fairness is one of the many tools Google uses to promote a political agenda.  Documents leaked by a Google informant elaborate on Machine Learning Fairness and the “algorithmic unfairness” that AI product intervention aims to solve:

Google Exposed

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Google Exposed

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The insider showed Google search examples that show Machine Learning Fairness in action.

Google Machine Learning Fairness

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“The reason we launched our A.I. principles is because people were not putting that line in the sand, that they were not saying what’s fair and what’s equitable so we’re like, well we are a big company, we’re going to say it.” – Jen Gennai, Head Of Responsible Innovation, Google

The Google insider explained the impact of artificial intelligence and Machine Learning Fairness:

“They’re going to redefine a reality based on what they think is fair and based upon what they want, and what and is part of their agenda.”

Determining credible news and an editorial agenda. . .

Additional leaked documents detail how Google defines and prioritizes content from different news publishers and how its products feature that content.  One document, called the “Fake News-letter” explains Google’s goal to have a “single point of truth” across their products.

 

Google Exposed

Another document received by Project Veritas explains the “News Ecosystem” which mentions “editorial guidelines” that appear to be determined and administered internally by Google.  These guidelines control how content is distributed and displayed on their site.

Google Exposed

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The leaked documents appear to show that Google makes news decisions about what news they promote and distribute on their site.

Comments made by Gennai raise similar questions.  In a conversation with Veritas journalists, Gennai explains that “conservative sources” and “credible sources” don’t always coincide according to Google’s editorial practices.

“We have gotten accusations of around fairness is that we’re unfair to conservatives because we’re choosing what we find as credible news sources and those sources don’t necessarily overlap with conservative sources …” 

The insider shed additional light on how YouTube demotes content from influencers like Dave Rubin and Tim Pool:

“What YouTube did is they changed the results of the recommendation engine. And so what the recommendation engine is it tries to do, is it tries to say, well, if you like A, then you’re probably going to like B. So content that is similar to Dave Rubin or Tim Pool, instead of listing Dave Rubin or Tim Pool as people that you might like, what they’re doing is that they’re trying to suggest different, different news outlets, for example, like CNN, or MSNBC, or these left leaning political outlets.”

 

Internal Google Document: “People Like Us Are Programmed” 

An additional document Project Veritas obtained, titled “Fair is Not the Default” says “People (like us) are programmed” after the results of machine learning fairness.  The document describes how “unconscious bias” and algorithms interact.

Click to enlarge

Veritas is the “Only Way”

Said the insider:

“The reason why I came to Project Veritas is that you’re the only one I trust to be able to be a real investigative journalist.  Investigative journalist is a dead career option, but somehow, you’ve been able to make it work.  And because of that I came to Project Veritas because I knew that this was the only way that this story would be able to get out to the public.”

“I mean, this is a behemoth, this is a Goliath, I am but a David trying to say that the emperor has no clothes. And, um, being a small little ant I can be crushed, and I am aware of that. But, this is something that is bigger than me, this is something that needs to be said to the American public.”

Project Veritas intends to continue investigating abuses in big tech companies and encourages more Silicon Valley insiders to share their stories through their Be Brave campaign.

As of publishing, Google did not respond to Project Veritas’ request for comment.  Additional leaked Google documents can be viewed HERE.

Other insider investigations can be viewed here:

 (Big tech insiders can reach out to Project Veritas here to help expose similar newsworthy wrongdoing.)

Insider Blows Whistle & Exec Reveals Google Plan to Prevent “Trump situation” in 2020 on Hidden Cam

Streisand effect in action: YouTube censors video exposing Google’s anti-conservative censorship

On Monday, Project Veritas released another video exposing leftist media bias with an undercover interview and leaked internal documents from Google. In an act of censorship that could not possibly be an accident, YouTube, which is owned by Google, took the video down within a day of its posting.

Segments of the Project Veritas video, which can still be viewed on the group’s website, include undercover footage of Google executive Jen Gennai sharing her thoughts on the 2016 election, saying, “We all got screwed over in 2016 … so we’ve rapidly been like what happened there, and how do we prevent it from happening again?”

She continued to say that Google altered its algorithms to promote its own political idea of “fairness,” adding, “The same people who voted for the current president … do not agree with our definition of fairness.”

The defector Google employee explained Gennai’s comments from his perspective: “What they’re really saying about fairness is that they have to manipulate their search results so that it gives them the political agenda that they want. … What she’s trying to do is she’s trying to sell a product that’s not objective, that doesn’t represent the will of its users, but instead represents the will of a group of people making decisions behind the shadows.”

Gennai responded to the video, admitting it was authentic and that she was tricked, but stating the spliced segments promoted “debunked conspiracies” and that “Google has no notion of political ideology in its rankings.” I’m authentically searching for the truth, so I’d happily hear Gennai out on this matter. But Gennai, and Silicon Valley as a whole, have not provided convincing evidence to defend themselves. And the evidence against them is quite damning.

Later in the Project Veritas video, the Google leaker provided an example of leftist bias that anyone can see for themselves. If you type the words “men can” into Google, the auto-complete function creates ridiculous phrases such as “men can have babies,” “men can get pregnant,” and “men can have periods.”

The leaker also said many conservative content creators, such as Dave Rubin, Steven Crowder, and PragerU are being censored, demonetized, and hidden from normal YouTube search functions to decrease their popularity.

“YouTube is targeting what they consider to be right-wing news commentators,” he said. “They’re deciding they don’t want these opinions to have wide appeal … they’re coming in and they’re putting their thumb down, and they’re deciding what content the users are allowed to see.”

These are the highlights of the 25-minute video, but the full video is worth watching if you have the time. Evidently, it was important enough for YouTube to take it down within a day, an action that ironically seems to give the allegations even more credibility. (See the Streisand effect.)

As Dave Rubin said yesterday, “Censoring a video about censorship seems very censorshippy to me.”

https://www.washingtonexaminer.com/opinion/streisand-effect-in-action-youtube-censors-video-exposing-googles-anti-conservative-censorship

DailyMail: 50% Drop In Traffic After Google June 2019 Core Update

Jun 6, 2019 • 8:02 am | comments (122)by twitter| Filed Under Google Search Algorithm Updates

Jesus Mendez, the SEO Director at MailOnline, which operators DailyMail.co.uk, has admitted publicly that the site took a massive hit by the June 2019 Google core updatewhich began rolling out June 3rd. He said the site “lost 50% of daily traffic” because of this Google update.

It is very rare for a publishing site that large to admit they were hit by a Google update – extremely rare to see a post about it in a public forum. But the transparency is clear and honest, which I do love. It launched in 2003, and according to Wikipedia it is/was “the most visited English-language newspaper website in the world, with over 11.34m visitors daily in August 2014.” Heck, I even wrote how smart they were when they hid an easter egg in their robots.txt file to hire a savvy SEO for their publication.

But now, the site lost 50% of its traffic, with an additional 90% drop in their Google Discover traffic – which can hurt big time for a publication that size.

Jesus Mendez wrote in as Google Webmaster Help thread “The day after the broad core algorithm update (June 3rd) we saw a massive drop in Search traffic from Google (lost 50% of daily traffic). This was a drop over the course of 24-hours and we have not made any changes to the site. Further, we saw our Discover traffic drop by 90% and has not improved. This is across all verticals, devices, AMP and Non-AMP. ”

Here is a screen shot of the full post (click to enlarge):

click for full size

There are no responses to this post – but wowza. We know this update can be big for some sites but the DailyMail really felt it!

Forum discussion at Google Webmaster Help.

Update: The Press Gazette confirmed with The Mall Online that Jesus Mendez did post in the Google forums.

https://www.seroundtable.com/dailymail-hit-google-core-update-27690.html

 

Trump is right: More than Facebook & Twitter, Google threatens democracy, online freedom

Google, YouTube and other tech giants filter, suppress and even directly attack conservatives. This must stop to protect our free and open society.

Americans must be wary of powerful institutions that seek to control what we see and hear.

As the internet has become an increasingly central part of modern life, Big Tech giants such as Facebook, Twitter and Google have increasingly sought to become the gatekeepers of the internet and political discourse. Without any sort of democratic mandate, these companies have appointed themselves the arbiters of acceptable thought, discussion and searches online.

These companies’ pervasive command of the internet — and blatant desire to control how we interact with it — is a direct threat to a free society. And arguably the worst offender is Google.

Google claims to value free expression and a free and open internet, but there is overwhelming evidence that the Big Tech giant wants the internet to be free and open only to political and social ideas of which it approves.

“Google & others are suppressing voices of conservatives and hiding information and news that is good. They are controlling what we can & cannot see. This is a very serious situation-will be addressed!” President Trump tweeted last month.

Google has directly targeted Republicans

The president is absolutely right.

During the 2016 presidential campaign, Google was accused of manipulating search results to favor Hillary Clinton’s candidacy. Also, research at Harvard University found that Google’s search rankings are not objective, and in 2017, the company was fined billions of dollars by the European Union for manipulating search results.

Google also maintains at least nine shadowy blacklists that affect what the public sees when using its search engine.

Sometimes, the tech giant just attacks conservatives directly. In one infamous example, a Google search result listed “Nazism” as an official ideology of the California GOP. North Carolina Sen. Trudy Wade, a Republican, was shocked to discover that the top search result for her name returned a photo labeling her as a bigot.

https://www.usatoday.com/story/opinion/2018/09/10/trump-google-youtube-search-results-biased-against-republicans-conservatives-column/1248099002/

PragerU Takes Legal Action Against Google and YouTube for Discrimination

VIEW FULL LAWSUIT COMPLAINT HERE

“This is speech discrimination plain and simple, censorship based entirely on unspecified ideological objection to the message or on the perceived identity and political viewpoint of the speaker”  – 36th Governor of California Pete Wilson  Browne, George, Ross LLP

LOS ANGELES — Prager University (PragerU) has filed a lawsuit in the United States District Court for the Northern District of California to stop Google and YouTube from unlawfully censoring its educational videos and discriminating against its right to freedom of speech. 

The lawsuit cites more than 50 PragerU videos which have either been “restricted” or “demonetized” by Google/YouTube. The PragerU videos range on various subjects presenting a conservative point of view, and include a video by noted Harvard Law professor Alan Dershowitz on the founding of Israel. PragerU previously compiled a complete list of their restricted videos here, which includes: “Why America Must Lead,” “The Ten Commandments: Do Not Murder,” “Why Did America Fight the Korean War,” and “The World’s Most Persecuted Minority: Christians.” 

In correspondence cited in the filing, Google/YouTube made it clear that the censorship of certain videos was because they were deemed “inappropriate” for younger audiences.

“Watch any one of our videos and you’ll immediately realize that Google/YouTube censorship is entirely ideologically driven. For the record, our videos are presented by some of the finest minds in the Western world, including four Pulitzer Prize winners, former prime ministers, and professors from the most prestigious universities in America,” stated PragerU founder Dennis Prager.

Prager added, “They are engaging in an arbitrary and capricious use of their ‘restricted mode’ and ‘demonetization’ to restrict non-left political thought. Their censorship is profoundly damaging because Google and YouTube own and control the largest forum for public participation in video-based speech in not only California, but the United States, and the world.”

The total number of people who currently use YouTube exceeds 1.3 billion people. Google and YouTube advertise YouTube to the public as a forum intended to defend and protect free speech where members of the general public may express and exchange their ideas. They have represented that their platforms and services are intended to effectuate the exercise of free speech among the public. According to Google and YouTube: “voices matter.” YouTube states that it is “committed to fostering a community where everyone’s voice can be heard.”

“However,” said Eric George of Browne George Ross, the firm representing PragerU, “Google and YouTube use restricted mode filtering not to protect younger or sensitive viewers from ‘inappropriate’ video content, but as a political gag mechanism to silence PragerU. Google and YouTube do this not because they have identified video content that violates their guidelines or is otherwise inappropriate for younger viewers, but because PragerU is a conservative nonprofit organization that is associated with and espouses the views of leading conservative speakers and scholars.”  

“This is speech discrimination plain and simple, censorship based entirely on unspecified ideological objection to the message or on the perceived identity and political viewpoint of the speaker,” said former California Governor Pete Wilson of Browne George Ross. “Google and YouTube’s use of restricted mode filtering to silence PragerU violates its fundamental First Amendment rights under both the California and United States Constitutions. It constitutes unlawful discrimination under California law, is a misleading and unfair business practice, and breaches the warranty of good faith and fair dealing implied in Google and YouTube’s own Terms of Use and ‘Community Guidelines.’”

“There is absolutely nothing ‘inappropriate’ about the content of the PragerU videos censored by Google and YouTube; the videos do not contain any profanity, nudity or otherwise inappropriate ‘mature’ content and they fully comply with the letter of YouTube’s Terms of Use and Community Guidelines,” said Marissa Streit, PragerU’s chief executive officer who has engaged in a year-long-effort to try and persuade Google to stop censoring PragerU content. Streit continues, “It’s clear that someone doesn’t like what we teach and so they intend on stopping us from teaching it. Can you imagine what the world would look like if Google is allowed to continue to arbitrarily censor ideas they simply don’t agree with?”

“This is not a left/right issue. It is a free speech issue, which is why prominent liberals, such as Harvard law professor Alan Dershowitz, are supporting our lawsuit,” Prager concluded.

The lawsuit filed in the Northern District of California is available here.

###

PRESS INQUIRES CONTACT: The KAIROS Company for Prager University | Johnnie@theKcompany.co | 434-426-5310

Advisory Legal Council: Former Governor Pete Wilson’s Law Firm, Browne, George and Ross; Eric George; Alan Dershowitz; Barak Lurie, Kelly Shackelford, Mat Staver;  and additional prominent attorneys.

PragerU, founded by Dennis Prager in 2011, is a not-for-profit organization that helps millions understand the values that shaped America and provides millions of Americans and people around the world with the intellectual ammunition they need to advocate for limited government, individual responsibility and economic freedom. In 2016 alone, PragerU’s videos received over 250 million views, a figure that will eclipse 350 million in 2017. PragerU is a resource for all who value liberty. It is a threat to all those who do not.

https://www.prageru.com/press-release/prageru-takes-legal-action-against-google-and-youtube-for-discrimination/

WHY BITCOIN? PATREON PUSHED BY MASTERCARD TO BAN ACCOUNTS IN ‘TERRIBLE PRECEDENT’

ESTHER KIM | DEC 25, 2018 | 12:00

Crowdfunding platform Patreon is grappling with fiat currency centralization after MasterCard demanded it must block the account of a prominent US author and several others.


SPENCER: PATREON ‘AXED’ ME

Citing an email from the company in August, Robert Spencer, who penned multiple books about countering Jihad and advised law enforcement agencies, said it had “axed” him and he could no longer put contributed funds to any use.

“I’ve been axed from Patreon, without explanation, warning or notice – no doubt as part of the ongoing efforts of the Left to deny all platforms to those who reject its agenda,” he wrote on Twitter. “To those who supported me there, thank you, and I’m sorry we couldn’t follow through on plans.”

Responding publicly, Patreon denied it had chosen to ban Spencer, alleging that “unfortunately Mastercard required” it to “remove” his account.

nic carter@nic__carter

Why does MasterCard have political opinions, and why are they enforcing them on a granular basis? Walking antritrust violation https://twitter.com/Patreon/status/1029551216886341634 

Patreon

@Patreon

Replying to @jihadwatchRS

Hi Robert, we emailed you earlier today which explained that unfortunately Mastercard required us to remove your account. You replied to us but if you have further questions we’re happy to keep emailing.

93 people are talking about this

Patreon has since gained negative publicity for further bans, including last week’s move against podcast host Sam Harris.

A HISTORY OF CENSORSHIP

It remains unknown what had led to the decision, with commentators from both within and outside the cryptocurrency community immediately accusing the payment processor of censorship.

“Trusted third parties are security holes (a phrase coined by Bitcoin pioneer Nick Szabo). Escape through bitcoin,” one wrote, while a popular response to the Twitter thread accused Patreon of providing a “fairly lame excuse.”

“Your agreements clearly say nothing about Mastercard. So what gives?” it reads.

Are you saying that this 3rd Party has control over who you support and protect, and who you do not? Sounds like you’ve set a terrible precedent.

Patreon is far from the first company to fall foul of payment networks. As Bitcoinist reported, PayPal has regularly blocked or limited activities of Bitcoin businesses and users over the years.

In October, the practice continued, PayPal banning censorship-resistant social media platform Gab several months after US exchange Coinbase did the same. Coinbase also targeted WikiLeaks in April this year.

Crypto pundits have become visibly more irked by censorship policies this year, calling for mass boycotts of payment processors and other platforms such as Twitter in favor of politically-neutral open-source payments alternatives such as Bitcoin.

What do you think about Patreon blocking Robert Spencer? Let us know in the comments below!


Why Bitcoin? Patreon Pushed By Mastercard to Ban Accounts in ‘Terrible Precedent’

Patreon

From Wikipedia, the free encyclopedia

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Patreon, Inc.
Patreon wordmark.svg

show

Screenshot
Type of site
Membership platform
Available in English
Headquarters

,

U.S.
Created by
Website patreon.com
Alexa rank Increase 383 (June 2018)[1]
Launched May 2013; 6 years ago
Current status Active

Patreon (/ˈptriɒn/) is an American crowdfunding membership platform that provides business tools for creators to run a subscription content service, with ways for artists to build relationships and provide exclusive experiences to their subscribers, or “patrons”.[2]

Patreon is popular among YouTube videographerswebcomic artists, writers, podcasters, musicians, and other categories of creators who post regularly online.[3] It allows artists to receive funding directly from their fans, or patrons, on a recurring basis or per work of art.[4] The company, started by musician Jack Conte[5] and developer Sam Yam[5][6] in 2013, is based in San Francisco.[7]

In return for the service, Patreon charges a commission of 5% for each donation and 5% in transaction fees, thus allowing the creator to get 90% of the donations.[8]

 

History

Logo used from May 2013–June 2017.

Patreon was co-founded in May 2013 by Sam Yam and musician Jack Conte,[5] who was looking for a way to make a living from his popular YouTube videos.[9] Together with Sam Yam he developed a platform that allows ‘patrons’ to pay a set amount of money every time an artist creates a work of art. The company raised $2.1 million in August 2013 from a group of venture capitalists and angel investors.[10][11] In June 2014, Patreon raised a further $15 million in a series A round led by Danny Rimer of Index Ventures.[12][13] In January 2016, the company closed on a fresh round of $30 million in a series B round, led by Thrive Capital, which put the total raised for Patreon at $47.1 million.[14]

They signed up more than 125,000 ‘patrons’ in their first 18 months.[15] In late 2014, the website announced that patrons were sending over $1,000,000 per month to the site’s content creators.[16]

In March 2015, Patreon acquired Subbable, a similar voluntary subscription service created by the Green brothersJohn and Hank Green, and brought over Subbable creators and contents, including CGP GreyDestin Sandlin‘s Smarter Every Day, and the Green brothers’ own CrashCourse and SciShow channels.[17] The merger was consequent of an expected migration of payment systems with Amazon Payments that Subbable used.

In October 2015, the site was the target of a large cyber-attack, with almost 15 gigabytes of password data, donation records, and source code taken and published. The breach exposed more than 2.3 million unique e-mail addresses and millions of private messages.[18][19] Following the attack, some patrons received extortion emails demanding Bitcoin payments in exchange for the protection of their personal information.[20][21][22]

In July 2016, Patreon sent out an email[23] to its users, announcing changes for its more adult-oriented creators. Notably, content creators working under the “Not Safe For Work” (NSFW) categories on Patreon can now accept payments through PayPal via PayPal’s subsidiary Braintree. This move now allows Adult Content creators on Patreon to accept payment more easily. Prior to this change, these creators could only accept payments through credit cards.[24]

In January 2017, Patreon announced that it had sent over $100,000,000 to creators since its inception.[25]

In May 2017, Patreon announced that it had over 50,000 active creators, 1 million monthly patrons, and was on track to send over $150 million to creators in 2017.[26]

In June 2017, Patreon announced a suite of tools for creators to run membership businesses on the Patreon platform. Notable improvements included a CRM system, a mobile app called Lens, and a service to set up exclusive livestreams.[27]

In August 2018, Patreon announced the acquisition of Memberful, a membership services company.[28]

Business model

Patreon users are grouped by content type, such as video/films, podcastcomedycomics, games, and education. These content creators set up a page on the Patreon website, where patrons can choose to pay a fixed amount to a creator on a monthly basis.[29]Alternatively, content creators can configure their page so that patrons pay every time the artist releases a new piece of art. A creator typically displays a goal that the ongoing revenue will go towards, and can set a maximum limit of how much they receive per month. Patrons can cancel their payment at any time. Creators typically provide membership benefits (commonly in the form of exclusive content or behind-the-scenes work) for their patrons, depending on the amount that each patron pays.[30][31]

Patrons can unlock monetary tiers that increase the content type they see from the user. A number of content creators on Patreon are also YouTubers. They are able to create content on multiple platforms, and while the YouTube videos may be available to the public, the patrons receive private content made exclusively for them in exchange for aiding the Patreon user’s goal.[32] Patreon takes a 5% commission on pledges. As of May 2017, the average pledge per patron was around $12, and a new patron pledged to a creator every 5.5 seconds.[33]

As of February 2014, almost half of the artists on Patreon produce YouTube videos, while most of the rest are writers, webcomics artists, musicians, or podcasters.[34] As of December 2016, Patreon’s Community Guidelines allow nudity and suggestive imagery as long as they are clearly marked, but prohibit content that may be deemed pornographic or as glorifying sexual violence.[35]

Unlike other online platforms such as YouTube and Facebook, which use trained algorithms to identify potentially inappropriate content, Patreon’s trust and safety team monitors users and investigates complaints of Terms of Service violations.[36]

Controversies

In July 2017, conservative journalist and YouTube personality Lauren Southern was banned from Patreon over concerns about Génération Identitaire‘s blocking of NGO ships in the Mediterranean. A letter she received from Patreon said she was removed for “raising funds in order to take part in activities that are likely to cause loss of life,” referring to an incident in May involving Southern, and the larger Defend Europe mission in July, which she covered on YouTube. Philosopher, writer, and podcast host Sam Harris, who also received contributions from patrons on the website, objected to Patreon’s approach and announced that he would be leaving the platform because of it.[37] Shortly thereafter Patreon deleted the account of It’s Going Down, a hardline left-wing news website, for doxing.[24] Patreon CEO Jack Conte subsequently announced that he would be expanding the company’s appeal process, regretting the initial wording of the letter which said “[we] will not consider an appeal”.[citation needed]

In October 2017, Patreon published an expanded version of its community guidelines, triggering a backlash from some adult content creators.[38][39][40] A petition in protest at the changes gained 1,800 signatures, and drew a response from Jack Conte.[41][42]

In December 2017, Patreon announced a service fee starting on December 18, 2017, where some fees would be charged to the patrons rather than all fees being paid by the creator. This caused backlash from a number of creators, including some who saw members of their fanbase withdraw small pledges in response. Under the new payment model, a $1 pledge would have cost a patron $1.38, and a $5 pledge would have cost $5.50, representing a 38% and 10% rise respectively.[43] Due to this backlash and the loss of many pledges for creators, Patreon announced that they would not be rolling out these changes, and apologized to their users.[44]

In 2018, Patreon was accused of cracking down on videos featuring the autonomous sensory meridian response.[45]

In December 2018, Patreon banned Milo Yiannopoulos a day after he created an account as well as far-right American political commentator James Allsup.[46] In the same month, Patreon also banned Carl Benjamin because he used homophobic and racist slurs in a YouTube interview in February 2018.[36] Benjamin defended himself, claiming Patreon had taken his words out of context,[47] and that “the video in question should not fall under Patreon’s rules because it was on YouTube.”[36]

This ban was criticized by Sam Harris and American libertarians, who have accused it of being politically motivated.[36] Furthermore, Jordan Peterson announced a plan to launch an alternative service that will be safe from political interference, and jointly announced with Dave Rubin in a January 1, 2019 video that they will be leaving Patreon by January 15, 2019 as a direct response to its treatment of Carl Benjamin.[48][49] On January 15, Peterson and Rubin deleted their Patreon accounts.

As of May 2019, Patreon continues to allow Owen Benjamin to utilize their platform to fund his antisemitic online videos, partial Holocaust denial and racism.[50]

See also

References …

https://en.wikipedia.org/wiki/Patreon

ion

Meet the Renegades of the Intellectual Dark Web

An alliance of heretics is making an end run around the mainstream conversation. Should we be listening?

By Bari Weiss

Photographs by Damon Winter

Eric Weinstein

Eric WeinsteinCreditCreditDamon Winter/The New York Times

Here are some things that you will hear when you sit down to dinner with the vanguard of the Intellectual Dark Web: There are fundamental biological differences between men and women. Free speech is under siege. Identity politics is a toxic ideology that is tearing American society apart. And we’re in a dangerous place if these ideas are considered “dark.”

I was meeting with Sam Harris, a neuroscientist; Eric Weinstein, a mathematician and managing director of Thiel Capital; the commentator and comedian Dave Rubin; and their spouses in a Los Angeles restaurant to talk about how they were turned into heretics. A decade ago, they argued, when Donald Trump was still hosting “The Apprentice,” none of these observations would have been considered taboo.

Today, people like them who dare venture into this “There Be Dragons” territory on the intellectual map have met with outrage and derision — even, or perhaps especially, from people who pride themselves on openness.

It’s a pattern that has become common in our new era of That Which Cannot Be Said. And it is the reason the Intellectual Dark Web, a term coined half-jokingly by Mr. Weinstein, came to exist.

What is the I.D.W. and who is a member of it? It’s hard to explain, which is both its beauty and its danger.

Most simply, it is a collection of iconoclastic thinkers, academic renegades and media personalities who are having a rolling conversation — on podcasts, YouTube and Twitter, and in sold-out auditoriums — that sound unlike anything else happening, at least publicly, in the culture right now. Feeling largely locked out of legacy outlets, they are rapidly building their own mass media channels.

The closest thing to a phone book for the I.D.W. is a sleek websitethat lists the dramatis personae of the network, including Mr. Harris; Mr. Weinstein and his brother and sister-in-law, the evolutionary biologists Bret Weinstein and Heather Heying; Jordan Peterson, the psychologist and best-selling author; the conservative commentators Ben Shapiro and Douglas Murray; Maajid Nawaz, the former Islamist turned anti-extremist activist; and the feminists Ayaan Hirsi Ali and Christina Hoff Sommers. But in typical dark web fashion, no one knows who put the website up.

The core members have little in common politically. Bret and Eric Weinstein and Ms. Heying were Bernie Sanders supporters. Mr. Harris was an outspoken Hillary voter. Ben Shapiro is an anti-Trump conservative.

Christina Hoff Sommers

CreditDamon Winter/The New York Times

But they all share three distinct qualities. First, they are willing to disagree ferociously, but talk civilly, about nearly every meaningful subject: religion, abortion, immigration, the nature of consciousness. Second, in an age in which popular feelings about the way things ought to be often override facts about the way things actually are, each is determined to resist parroting what’s politically convenient. And third, some have paid for this commitment by being purged from institutions that have become increasingly hostile to unorthodox thought — and have found receptive audiences elsewhere.

“People are starved for controversial opinions,” said Joe Rogan, an MMA color commentator and comedian who hosts one of the most popular podcasts in the country. “And they are starved for an actual conversation.”

[Receive the day’s most urgent debates right in your inbox by subscribing to the Opinion Today newsletter.]

That hunger has translated into a booming and, in many cases, profitable market. Episodes of “The Joe Rogan Experience,” which have featured many members of the I.D.W., can draw nearly as big an audience as Rachel Maddow. A recent episode featuring Bret Weinstein and Ms. Heying talking about gender, hotness, beauty and #MeToo was viewed on YouTube over a million times, even though the conversation lasted for nearly three hours.

Joe Rogan

CreditDamon Winter/The New York Times

Ben Shapiro’s podcast, which airs five days a week, gets 15 million downloads a month. Sam Harris estimates that his “Waking Up” podcast gets one million listeners an episode. Dave Rubin’s YouTube show has more than 700,000 subscribers.

Offline and in the real world, members of the I.D.W. are often found speaking to one another in packed venues around the globe. In July, for example, Jordan Peterson, Douglas Murray and Mr. Harris will appear together at the O2 Arena in London.

But as the members of the Intellectual Dark Web become genuinely popular, they are also coming under more scrutiny. On April 21, Kanye West crystallized this problem when he tweeted seven words that set Twitter on fire: “I love the way Candace Owens thinks.”

Candace Owens, the communications director for Turning Point USA, is a sharp, young, black conservative — a telegenic speaker with killer instincts who makes videos with titles like “How to Escape the Democrat Plantation” and “The Left Thinks Black People Are Stupid.” Mr. West’s praise for her was sandwiched inside a longer thread that referenced many of the markers of the Intellectual Dark Web, like the tyranny of thought policing and the importance of independent thinking. He was photographed watching a Jordan Peterson video.

All of a sudden, it seemed, the I.D.W. had broken through to the culture-making class, and a few in the group flirted with embracing Ms. Owens as their own.

Yet Ms. Owens is a passionate Trump supporter who has dismissed racism as a threat to black people while arguing, despite evidence to the contrary, that immigrants steal their jobs. She has also compared Jay-Z and Beyoncé to slaves for supporting the Democratic Party.

Many others in the I.D.W. were made nervous by her sudden ascendance to the limelight, seeing Ms. Owens not as a sincere intellectual but as a provocateur in the mold of Milo Yiannopoulos. For the I.D.W. to succeed, they argue, it needs to eschew those interested in violating taboo for its own sake.

“I’m really only interested in building this intellectual movement,” Eric Weinstein said. “The I.D.W. has bigger goals than anyone’s buzz or celebrity.”

And yet, when Ms. Owens and Charlie Kirk, the executive director of Turning Point USA, met last week with Mr. West at the Southern California Institute of Architecture, just outside of the frame — in fact, avoiding the photographers — was Mr. Weinstein. He attended both that meeting and a one-on-one the next day for several hours at the mogul’s request. Mr. Weinstein, who can’t name two of Mr. West’s songs, said he found the Kardashian spouse “kind and surprisingly humble despite his unpredictable public provocations.” He has also tweeted that he’s interested to see what Ms. Owens says next.

This episode was the clearest example yet of the challenge this group faces: In their eagerness to gain popular traction, are the members of the I.D.W. aligning themselves with people whose views and methods are poisonous? Could the intellectual wildness that made this alliance of heretics worth paying attention to become its undoing?

Heather HeyingPhotographs by Damon Winter/The New York Times

There is no direct route into the Intellectual Dark Web. But the quickest path is to demonstrate that you aren’t afraid to confront your own tribe.

The metaphors for this experience vary: going through the phantom tollbooth; deviating from the narrative; falling into the rabbit hole. But almost everyone can point to a particular episode where they came in as one thing and emerged as something quite different.

A year ago, Bret Weinstein and Heather Heying were respected tenured professors at Evergreen State College, where their Occupy Wall Street-sympathetic politics were well in tune with the school’s progressive ethos. Today they have left their jobs, lost many of their friends and endangered their reputations.

All this because they opposed a “Day of Absence,” in which white students were asked to leave campus for the day. For questioning a day of racial segregation cloaked in progressivism, the pair was smeared as racist. Following threats, they left town for a time with their children and ultimately resigned their jobs.

“Nobody else reacted. That’s what shocked me,” Mr. Weinstein said. “It told me that a culture that told itself it was radically open-minded was actually a culture cowed by fear.”

Sam Harris says his moment came in 2006, at a conference at the Salk Institute with Richard Dawkins, Neil deGrasse Tyson and other prominent scientists. Mr. Harris said something that he thought was obvious on its face: Not all cultures are equally conducive to human flourishing. Some are superior to others.

“Until that time I had been criticizing religion, so the people who hated what I had to say were mostly on the right,” Mr. Harris said. “This was the first time I fully understood that I had an equivalent problem with the secular left.”

After his talk, in which he disparaged the Taliban, a biologist who would go on to serve on President Barack Obama’s Commission for the Study of Bioethical Issues approached him. “I remember she said: ‘That’s just your opinion. How can you say that forcing women to wear burqas is wrong?’ But to me it’s just obvious that forcing women to live their lives inside bags is wrong. I gave her another example: What if we found a culture that was ritually blinding every third child? And she actually said, ‘It would depend on why they were doing it.’” His jaw, he said, “actually fell open.”

Sam Harris

Jordan Peterson

“The moral confusion that operates under the banner of ‘multiculturalism’ can blind even well-educated people to the problems of intolerance and cruelty in other communities,” Mr. Harris said. “This had never fully crystallized for me until that moment.”

Before September 2016, Jordan Peterson was an obscure psychology professor at the University of Toronto. Then he spoke out against Canada’s Bill C-16, which proposed amending the country’s human-rights act to outlaw discrimination based on gender identity and expression. He resisted on the grounds that the bill risked curtailing free speech by compelling people to use alternative gender pronouns. He made YouTube videos about it. He went on news shows to protest it. He confronted protesters calling him a bigot. When the university asked him to stop talking about it, including sending two warning letters, he refused.

While most people in the group faced down comrades on the political left, Ben Shapiro confronted the right. He left his job as editor at large of Breitbart News two years ago because he believed it had become, under Steve Bannon’s leadership, “Trump’s personal Pravda.” In short order, he became a primary target of the alt-right and, according to the Anti-Defamation League, the No. 1 target of anti-Semitic tweets during the presidential election.

Other figures in the I.D.W., like Claire Lehmann, the founder and editor of the online magazine Quillette, and Debra Soh, who has a Ph.D. in neuroscience, self-deported from the academic track, sensing that the spectrum of acceptable perspectives and even areas of research was narrowing. Dr. Soh said that she started “waking up” in the last two years of her doctorate program. “It was clear that the environment was inhospitable to conducting research,” she said. “If you produce findings that the public doesn’t like, you can lose your job.”

When she wrote an op-ed in 2015 titled “Why Transgender Kids Should Wait to Transition,” citing research that found that a majority of gender dysphoric children outgrow their dysphoria, she said her colleagues warned her, “Even if you stay in academia and express this view, tenure won’t protect you.”

Nowadays Ms. Soh has a column for Playboy and picks up work as a freelance writer. But that hardly pays the bills. She’s planning to start a podcast soon and, like many members of the I.D.W., has a Patreon account where “patrons” can support her work.

These donations can add up. Mr. Rubin said his show makes at least $30,000 a month on Patreon. And Mr. Peterson says he pulls in some $80,000 in fan donations each month.

Mr. Peterson has endured no small amount of online hatred and some real-life physical threats: In March, during a lecture at Queen’s University in Ontario, a woman showed up with a garrote. But like many in the I.D.W., he also seems to relish the outrage he inspires.

“I’ve figured out how to monetize social justice warriors,” Mr. Peterson said in January on Joe Rogan’s podcast. On his Twitter feed, he called the writer Pankaj Mishra, who’d written an essay in The New York Review of Books attacking him, a “sanctimonious prick” and said he’d happily slap him.

And the upside to his notoriety is obvious: Mr. Peterson is now arguably the most famous public intellectual in Canada, and his book “12 Rules for Life” is a best-seller.

The exile of Bret Weinstein and Ms. Heying from Evergreen State brought them to the attention of a national audience that might have come for the controversy but has stayed for their fascinating insights about subjects including evolution and gender. “Our friends still at Evergreen tell us that the protesters think they destroyed us,” Ms. Heying said. “But the truth is we’re now getting the chance to do something on a much larger scale than we could ever do in the classroom.”

“I’ve been at this for 25 years now, having done all the MSM shows, including Oprah, Charlie Rose, ‘The Colbert Report,’ Larry King — you name it,” Michael Shermer, the publisher of Skeptic magazine, told me. “The last couple of years I’ve shifted to doing shows hosted by Joe Rogan, Dave Rubin, Sam Harris and others. The I.D.W. is as powerful a media as any I’ve encountered.”

Mr. Shermer, a middle-aged science writer, now gets recognized on the street. On a recent bike ride in Santa Barbara, Calif., he passed a work crew and “the flag man stopped me and says: ‘Hey, you’re that skeptic guy, Shermer! I saw you on Dave Rubin and Joe Rogan!’” When he can’t watch the shows on YouTube, he listens to them as podcasts on the job. On breaks, he told Mr. Shermer, he takes notes.

“I’ve had to update Quillette’s servers three times now because it’s caved under the weight of the traffic,” Ms. Lehmann said about the publication most associated with this movement.

Michael Shermer

CreditDamon Winter/The New York Times

Yet there are pitfalls to this audience-supported model. One risk is what Eric Weinstein has called “audience capture.” Since stories about left-wing-outrage culture — the fact that the University of California, Berkeley, had to spend $600,000 on security for Mr. Shapiro’s speech there, say — take off with their fans, members of the Intellectual Dark Web may have a hard time resisting the urge to deliver that type of story. This probably helps explain why some people in this group talk constantly about the regressive left but far less about the threat from the right.

“There are a few people in this network who have gone without saying anything critical about Trump, a person who has assaulted truth more than anyone in human history,” Mr. Harris said. “If you care about the truth, that is quite strange.”

Emphasis is one problem. Associating with genuinely bad people is another.

Go a click in one direction and the group is enhanced by intellectuals with tony affiliations like Steven Pinker at Harvard. But go a click in another and you’ll find alt-right figures like Stefan Molyneux and Milo Yiannopoulos and conspiracy theorists like Mike Cernovich (the #PizzaGate huckster) and Alex Jones (the Sandy Hook shooting denier).

It’s hard to draw boundaries around an amorphous network, especially when each person in it has a different idea of who is beyond the pale.

“I don’t know that we are in the position to police it,” Mr. Rubin said. “If this thing becomes something massive — a political or social movement — then maybe we’d need to have some statement of principles. For now, we’re just a crew of people trying to have the kind of important conversations that the mainstream won’t.”

But is a statement of principles necessary to make a judgment call about people like Mr. Cernovich, Mr. Molyneux and Mr. Yiannopoulos? Mr. Rubin has hosted all three on his show. And he appeared on a typically unhinged episode of Mr. Jones’s radio show, “Infowars.” Mr. Rogan regularly lets Abby Martin — a former 9/11 Truther who is strangely sympathetic to the regimes in Syria and Venezuela — rant on his podcast. He also encouraged Mr. Jones to spout off about the moon landing being fake during Mr. Jones’s nearly four-hour appearance on his show. When asked why he hosts people like Mr. Jones, Mr. Rogan has insisted that he’s not an interviewer or a journalist. “I talk to people. And I record it. That’s it,” he has said.

Mr. Rubin doesn’t see this is a problem. “The fact is that Jones reaches millions of people,” he said. “Going on that show means I get to reach them, and I don’t think anyone is a lost cause. I’ve gotten a slew of email from folks saying that they first heard me on Jones, but then watched a bunch of my interviews and changed some of their views.”

Dave Rubin

CreditDamon Winter/The New York Times

The subject came up at that dinner in Los Angeles. Mr. Rubin, whose mentor is Larry King, insisted his job is just to let the person sitting across from him talk and let the audience decide. But with a figure like Mr. Cernovich, who can occasionally sound reasonable, how is a viewer supposed to know better?

Of course, the whole notion of drawing lines to keep people out is exactly what inspired the Intellectual Dark Web folks in the first place. They’re committed to the belief that setting up no-go zones and no-go people is inherently corrupting to free thought.

“You have to understand that the I.D.W. emerged as a response to a world where perfectly reasonable intellectuals were being regularly mislabeled by activists, institutions and mainstream journalists with every career-ending epithet from ‘Islamophobe’ to ‘Nazi,’” Eric Weinstein said. “Once I.D.W. folks saw that people like Ben Shapiro were generally smart, highly informed and often princely in difficult conversations, it’s more understandable that occasionally a few frogs got kissed here and there as some I.D.W. members went in search of other maligned princes.”

But people who pride themselves on pursuing the truth and telling it plainly should be capable of applying these labels when they’re deserved. It seems to me that if you are willing to sit across from an Alex Jones or Mike Cernovich and take him seriously, there’s a high probability that you’re either cynical or stupid. If there’s a reason for shorting the I.D.W., it’s the inability of certain members to see this as a fatal error.

What’s more, this frog-kissing plays perfectly into the hands of those who want to discredit the individuals in this network. In recent days, for example, Mr. Harris has been labeled by the Southern Poverty Law Center as a bridge to the alt-right: “Under the guise of scientific objectivity, Harris has presented deeply flawed data to perpetuate fear of Muslims and to argue that black people are genetically inferior to whites.”

That isn’t true. The group excoriated Mr. Harris, a fierce critic of the treatment of women and gays under radical Islam, for saying that “some percentage, however small” of Muslim immigrants are radicalized. He has also estimated that some 20 percent of Muslims worldwide are Islamists or jihadis. But he has never said that this should make people fear all Muslims. He has defended the work of the social scientist Charles Murray, who argues that genetic differences may explain differences in average IQ across racial groups — while insisting that this does not make one group inferior to another.

But this kind of falsehood is much easier to spread when other figures in the I.D.W. are promiscuous about whom they’ll associate with. When Mr. West tweeted his praise for Ms. Owens, the responses of the people in the network reflected each person’s attitude toward this problem. Dave Rubin took to Twitter to defend Ms. Owens and called Mr. West’s tweet a “game changer.” Jordan Peterson went on “Fox and Friends” to discuss it. Bret Weinstein subtweeted his criticism of these choices: “Smart, skeptical people are often surprisingly susceptible to being conned if a ruse is tailored to their prejudices.” His brother was convinced that Mr. West was playing an elaborate game of chess. Ms. Heying and Mr. Harris ignored the whole thing. Ben Shapiro mostly laughed it off.

Mr. West is a self-obsessed rabble-rouser who brags about not reading books. But whether or not one approves of the superstar’s newest intellectual bauble, it is hard to deny that he has consistently been three steps ahead of the zeitgeist.

So when he tweets “only freethinkers” and “It’s no more barring people because they have different ideas,” he is picking up on a real phenomenon: that the boundaries of public discourse have become so proscribed as to make impossible frank discussions of anything remotely controversial.

“So many of our institutions have been overtaken by schools of thought, which are inherently a dead end,” Bret Weinstein said. “The I.D.W. is the unschooling movement.”

Am I a member of this movement? A few months ago, someone suggested on Twitter that I should join this club I’d never heard of. I looked into it. Like many in this group, I am a classical liberal who has run afoul of the left, often for voicing my convictions and sometimes simply by accident. This has won me praise from libertarians and conservatives. And having been attacked by the left, I know I run the risk of focusing inordinately on its excesses — and providing succor to some people whom I deeply oppose.

I get the appeal of the I.D.W. I share the belief that our institutional gatekeepers need to crack the gates open much more. I don’t, however, want to live in a culture where there are no gatekeepers at all. Given how influential this group is becoming, I can’t be alone in hoping the I.D.W. finds a way to eschew the cranks, grifters and bigots and sticks to the truth-seeking.

“Some say the I.D.W. is dangerous,” Ms. Heying said. “But the only way you can construe a group of intellectuals talking to each other as dangerous is if you are scared of what they might discover.”

Bari Weiss is a staff editor and writer for the Opinion section.  @bariweiss

Damon Winter is a staff photographer for the Opinion section.

Intellectual dark web

From Wikipedia, the free encyclopedia

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The intellectual dark web (often abbreviated to IDW) is a neologism coined by American mathematician Eric Weinstein and popularized by Bari Weiss in a 2018 editorial in The New York Times. In its original formulation it referred to collection of public personalities who have largely turned to non-traditional media outlets due to a perceived hostility to unorthodox ideas among established venues and in academia.

The piece by Weiss was met with general but not universal criticism by other writers, political commentators and on social media, including especially the accuracy of the characterization of IDW members as being truly ostracized from mainstream discourse. Opinions vary greatly on the nature of the IDW, the collective political affiliation of its members, and what, if any characteristics unite them as a group.

Origins and reception

The term originally gained popularity in 2018, after a piece was published by staff editor Bari Weiss in The New York Times entitled Meet the Renegades of the Intellectual Dark Web. In the piece, Weiss attributed the coining of the term as a “half-joking” creation of mathematician and economist Eric Weinstein.[1][2] Weiss characterized members of the IDW as “iconoclastic thinkers, academic renegades and media personalities” who have been “purged from institutions that have become increasingly hostile to unorthodox thought,” and instead taken to, and found success, in social media, podcasting, public speaking, or other alternative venues outside what she termed “legacy media”.[1][3]

Others quickly took issue with various aspects of the characterization. Henry Farrell, writing in Vox, who expressed disbelieve that conservative commentator Ben Shapiro or neuroscientist Sam Harris, both identified by Weiss as members of the IDW, could credibly be described as either purged or silenced.[4] Jonah Goldberg, reacting to the piece by Weiss in the National Review, struggled with the concept, writing that it struck him “as a marketing label — and not necessarily a good one”:

…it seems to me this IDW thing isn’t actually an intellectual movement. It’s just a coalition of thinkers and journalists who happen to share a disdain for the keepers of the liberal orthodoxy.[5]

The publication of Weiss’s piece also drew widespread criticism on social media, with those such as fellow New York Times columnist Paul Krugman observing the irony of a piece claiming popular intellectual oppression, which was itself published in the Times, among the most prominent newspapers in the nation.[6] Elsewhere, David A. French contended many of the critics were missing the point, and were instead inadvertently confirming “the need for a movement of intellectual free-thinkers.”[7]

Membership

According to Weiss, individuals associated with the intellectual dark web, in addition to Eric and Bret Weinstein, include Ayaan Hirsi AliSam HarrisHeather HeyingClaire LehmannDouglas MurrayMaajid NawazJordan PetersonSteven PinkerJoe RoganDave RubinBen ShapiroLindsay ShepherdMichael ShermerDebra SohStefan Molyneux, and Christina Hoff Sommers.[1][8]

Neither Weiss nor others claim a shared set of political ideals, with some identifying with the political left and others with the political right,[9][1] and members have drawn criticism from both sides of the political spectrum.[1][9][10] For example, The Guardian characterized the IDW as “a coalition of strange bedfellows” that nonetheless comprised the “supposed thinking wing of the alt-right.”[11] However, this characterization has been rejected by others from within the IDW, such as Quillette, founded by Claire Lehmann and described by Politico as the “unofficial digest” of the IDW. Quoting Sam Harris and Daniel Miessler, they have contended that the majority of the most prominent members of the IDW tend to skew toward the left on most political issues, despite also including a number of prominent conservatives who do not.[12][13]

Sources disagree on what, if any unifying factors exist throughout the IDW. Psychology Today characterized it as “generally concerned about political tribalism and free speech”,[14] or as a rejection of “mainstream assumptions about what is true”.[15] The Washington Examiner described the IDW as “remarkably diverse” but united behind a rejection of the “radical intolerance of the far left” and in support of the “free exchange of ideas”, while Salon dubbed it a politically conservative movement united more over a rejection of American liberalism than over any mutually shared beliefs.[16] Alternatively, the National Review posited that, despite comprising “all political persuasions”, IDW was united in a particular conservative leaning conceptualization of injustice and inequality specifically.[17]

Regarding the organization of the IDW, Daniel W. Drezner observed that it is essentially leaderless, and may be individually beholden to their audiences, and unable to progress a coherent agenda.[18] For her part, historian of medicine and science Alice Dreger expressed surprise in being told she was a member of the IDW at all, saying she “had no idea who half the people in this special network were. The few Intellectual Dark Web folks I had met I didn’t know very well. How could I be part of a powerful intellectual alliance when I didn’t even know these people?”[19]

See also

  • Heterodox Academy, an advocacy group of professors to counteract what they see as narrowing of political viewpoints on college campuses

References

  1. Jump up to:abcde Weiss, Bari (May 8, 2018). “Meet the Renegades of the Intellectual Dark Web”The New York Times. Retrieved May 8,2018.
  2. ^ Maitra, Sumantra. “The Intellectual Dark Web Is Collapsing Under Its Contradictions”The Federalist. Retrieved 25 June2019.
  3. ^ Lester, Amelia (November 2018). “The Voice of the ‘Intellectual Dark WebPolitico. Retrieved 12 November 2018.
  4. ^ Farrell, Henry (May 10, 2018). “The “Intellectual Dark Web,” explained: what Jordan Peterson has in common with the alt-right”Vox. Retrieved 25 June 2019.
  5. ^ Goldberg, Jonah (May 8, 2018). “Evaluating the ‘Intellectual Dark WebNational Review. Retrieved 25 June 2019.
  6. ^ Bonazzo, John (August 5, 2018). “NY Times ‘Intellectual Dark Web’ Story Savaged on Twitter—Even by Paper’s Staffers”The New York Observer. Retrieved 25 June 2019.
  7. ^ French, David A. (May 11, 2018). “Critics Miss the Point of the ‘Intellectual Dark WebNational Review. Retrieved 25 June2019.
  8. ^ “Editorial: Truth requires free thinking, honest talk”Boston Herald. 14 May 2018.
  9. Jump up to:ab Hamburger, Jacob (18 July 2018). “The “Intellectual Dark Web” Is Nothing New”Los Angeles Review of Books. Retrieved 12 November 2018.
  10. ^ Bowden, Blaine. “Yes, The Intellectual Dark Web Is Politically Diverse”Areo.
  11. ^ “The ‘Intellectual Dark Web’ – the supposed thinking wing of the alt-right”. May 9, 2018. Retrieved 25 June 2019.
  12. ^ Harris, Uri (April 17, 2019). “Is the ‘Intellectual Dark Web’ Politically Diverse?”Quillette. Retrieved 25 June 2019.
  13. ^ Lester, Amelia. “The Voice of the ‘Intellectual Dark WebPOLITICO Magazine. Retrieved 2019-05-30.
  14. ^ Blum, Alexander. “The Intellectual Dark Web Debates Religion”Psychology Today. Retrieved 25 June 2019.
  15. ^ Baker, Jennifer. “The “Intellectual Dark Web” and the Simplest of Ethics”Psychology Today. Retrieved 25 June 2019.
  16. ^ Link, Taylor (September 2, 2018). “The Intellectual Dark Web conservatives fear”Salon. Retrieved 25 June 2019.
  17. ^ Alejandro Gonzalez, Christian (May 16, 2018). “Inequality and the Intellectual Dark Web”National Review. Retrieved 25 June2019.
  18. ^ Drezner, Daniel W. (May 11, 2018). “The Ideas Industry meets the intellectual dark web”The Washington Post. Retrieved 25 June 2019.
  19. ^ Dreger, Alice (May 11, 2018). “Why I Escaped the ‘Intellectual Dark WebThe Chronicle of Higher Education. Retrieved 25 June 2019.

External links

 

https://en.wikipedia.org/wiki/Intellectual_dark_web

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North Korea has fired a short-range projectiles and has been conducting GPS jamming operations on the border for about a month becoming a threat to South Korea citizens. The disturbance is seen as an armed protest against the ongoing South Korea – U.S. joint military drills. Kim Hyun-bin has the latest. North Korea fired another short range projectile into the East Sea. South Korea’s defense ministry said on Friday that the missile was fired from Seondeok Hamgyeongnam-do province and flew around 100 kilometers. Experts say the launch appears to be an armed protest against the Nuclear Security Summit currently taking place in Washington. North Korea has also been conducting radio jamming operations targeting South Korea. The South Korean presidential office of Cheong Wa Dae on Friday held an emergency National Security Council meeting and warned Pyongyang to halt the jamming operations as they are becoming a threat to South Korean citizens. Seoul’s defense ministry says the disruptions have been ongoing for about a month near the inter-Korean border and called on the regime to immediately halt all GPS disruption. “”North Korea needs to immediately halt its GPS disruption activities as it violates the armistice agreement and International Telecommunications Union regulations.” The disruptions could affect mobile phones, civilian planes and ships that rely on GPS for navigation. The Ministry of Science, ICT and Future Planning said on Friday that 58 civilian airplanes and 52 vessels were affected, but that no significant mishaps were reported. South Korea’s military says that the disruptive signals are coming from four different parts of the border including Haeju, and Mount Kumgang. The North possesses 10 different kinds of GPS jamming devices and conducted its first operation in 2012.

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Israel is experiencing unexplained GPS disruptions in its airspace but measures are in place to allow safe landings and takeoffs at its main international airport, the government said on Wednesday.

The announcement by the Israel Airports Authority (IAA) followed a report on Tuesday by the International Federation of Air Line Pilots’ Associations (IFALPA) that “many” pilots had lost satellite signals from the Global Positioning System around Tel Aviv’s Ben Gurion Airport.

Confirming there had been GPS disruptions for approximately the past three weeks, an IAA statement said these affected only airborne crews and not terrestrial navigation systems.

Israeli authorities had worked from the outset to locate the source of the problem and fix it, it added.

Asked if an explanation for the disruption had been found, an IAA spokesman said: “No. I don’t know.”

Asked for comment, a spokeswoman for Israel’s Defence Ministry said only that the disruption was an IAA matter.

“At no stage has there been a safety incident stemming from the GPS disruption in the context of the precision of navigation and flight corridors,” the IAA said.

In its post on Tuesday, the IFALPA said the loss of the GPS signal may create numerous alerts for systems. (Writing by Dan Williams; Editing by Angus MacSwan)

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The Pronk Pops Show 1278, June 20, 2019, Part 1– Story 1: President Trump: “Iran made a very big mistake” — Option A: Strong Message and Done , Option B: One Missile Attack and Done, Option C: Total War With Iran and World Recession Due To Spike in Oil and Gas Prices — Videos — Story 2: Federal Reserve Board Votes To Keep Federal Funds Target Range of 2.25% to 2.5% Waiting For July 2019 Jobs Report and Second Quarter Real GDP Growth Rate Number — Videos — Story 3: Creepy, Sleepy, Dopey Joey Biden in Praise of Civility of Democrat Segregationist Senators — Radical Extremist Democrats (REDS) Attack Biden — Videos — Part 2– Story 4: President Trump Pushes All The Right Buttons in 2020 Stump Speech in Orlando, Florida — Boom Boom Boom — Send Them Home — MAGA MAGA MAGA — Lock Them Up — Four More Years — Keep America Great — Win Win Win — Videos

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The Pronk Pops Show Podcasts

Pronk Pops Show 1278 June 20, 2019 

Pronk Pops Show 1277 June 19, 2019

Pronk Pops Show 1276 June 18, 2019

Pronk Pops Show 1275 June 17, 2019

Pronk Pops Show 1274 June 13, 2019

Pronk Pops Show 1273 June 12, 2019

Pronk Pops Show 1272 June 11, 2019

Pronk Pops Show 1271 June 10, 2019

Pronk Pops Show 1270 June 6, 2019

Pronk Pops Show 1269 June 5, 2019

Pronk Pops Show 1268 June 3, 2019

Pronk Pops Show 1267 May 30, 2019

Pronk Pops Show 1266 May 29, 2019

Pronk Pops Show 1265 May 28, 2019

Pronk Pops Show 1264 May 24, 2019

Pronk Pops Show 1263 May 23, 2019

Pronk Pops Show 1262 May 22, 2019

Pronk Pops Show 1261 May 21, 2019

Pronk Pops Show 1260 May 20, 2019

Pronk Pops Show 1259 May 16, 2019

Pronk Pops Show 1258 May 15, 2019

Pronk Pops Show 1257 May 14, 2019

Pronk Pops Show 1256 May 13, 2019

Pronk Pops Show 1255 May 10, 2019

Pronk Pops Show 1254 May 9, 2019

Pronk Pops Show 1253 May 8, 2019

Pronk Pops Show 1252 May 7, 2019

Pronk Pops Show 1251 May 6, 2019

Pronk Pops Show 1250 May 3, 2019

Pronk Pops Show 1249 May 2, 2019

Pronk Pops Show 1248 May 1, 2019

Pronk Pops Show 1247 April 30, 2019

Pronk Pops Show 1246 April 29, 2019

Pronk Pops Show 1245 April 26, 2019

Pronk Pops Show 1244 April 25, 2019

Pronk Pops Show 1243 April 24, 2019

Pronk Pops Show 1242 April 23, 2019

Pronk Pops Show 1241 April 18, 2019

Pronk Pops Show 1240 April 16, 2019

Pronk Pops Show 1239 April 15, 2019

Pronk Pops Show 1238 April 11, 2019

Pronk Pops Show 1237 April 10, 2019

Pronk Pops Show 1236 April 9, 2019

Pronk Pops Show 1235 April 8, 2019

Pronk Pops Show 1234 April 5, 2019

Pronk Pops Show 1233 April 4, 2019

Pronk Pops Show 1232 April 1, 2019 Part 2

Pronk Pops Show 1232 March 29, 2019 Part 1

Pronk Pops Show 1231 March 28, 2019

Pronk Pops Show 1230 March 27, 2019

Pronk Pops Show 1229 March 26, 2019

Pronk Pops Show 1228 March 25, 2019

Pronk Pops Show 1227 March 21, 2019

Pronk Pops Show 1226 March 20, 2019

Pronk Pops Show 1225 March 19, 2019

Pronk Pops Show 1224 March 18, 2019

Pronk Pops Show 1223 March 8, 2019

Pronk Pops Show 1222 March 7, 2019

Pronk Pops Show 1221 March 6, 2019

Pronk Pops Show 1220 March 5, 2019

Pronk Pops Show 1219 March 4, 2019

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Story 1: President Trump: “Iran made a very big mistake” — Option A: Strong Message and Done, Option B: One Missile Attack and Done, Option C: Total War With Iran and World Recession Due To Spike in Oil and Gas Prices — Videos —

Tucker: Washington is war-hungry

Pentagon releases footage of US drone being shot down by Iran

LIVE: President Trump first comments after Iran shoots down US Drone | June 20th 2019

US is bringing the Iranian economy to its knees: Nile Gardiner

Oil prices rise after Iran shoots down US drone

40% Chance of 2020 U.S.-Iran Military Conflict: Eurasia CEO

Iran shoots down US drone as tensions escalate

Video shows Iran shooting down US drone

Iran says it shot down US drone ‘violating Iranian air space’ amid growing tensions

Iran Shot Down U.S. Drone to Disrupt Trade in Persian Gulf, Senior U.S. Military Official Says

President Trump makes first comments after Iran shoots down U.S. Drone | ABC News Special Report

Iran says it’s ‘ready for war’

Iran shoots down US military spy drone | DW News

Iran says it will breach nuclear deal ‘in days’ as its uranium stockpile limit nears

Is The U.S. Going To War With Iran? | AJ+

Iran’s foreign minister accuses US, Mideast of provoking conflict

Iran’s Zarif thrashes Trump, “US driven by pathological obsession” (Munich Security Conference 2019)

Can air strikes take out Iran’s nuclear facilities?

Did Trump Just Blink or Bluff in Standoff With Iran?

Anthony Halpin

Bloomberg

Was it all a bluff? After news leaked that President Donald Trump approved and then called off U.S. airstrikes on Iran last night, it emerged he’d warned Tehran about an imminent attack while insisting he was against a war.

Today, as airlines began re-routing flights away from the Strait of Hormuz, Iran’s Foreign Ministry called in the Swiss ambassador, who also represents U.S. interests, for talks.

Was the outreach why Trump abandoned the strikes? Or was this the latest example of the whipsaw approach from a president who’s twice attacked Syria but also backed away from using force after lashing out at Iran and North Korea?

The leak of Trump’s about-face also speaks volumes about the battle for influence in the White House. Hardliners clearly thought they’d convinced him to back a tough response to Iran’s downing of a U.S. Navy drone. Yet Trump was elected on a pledge to pull out of Middle East wars.

The president, who governs with the cliffhanger style of his Apprentice TV show, thrives on keeping supporters hooked on dramatic twists.

But as his 2020 re-election campaign gains steam, the stakes now include the prospect of armed conflict and instability in a region that supplies a third of the world’s oil.

Global Headlines

Biden’s burden | Democratic front-runner Joe Biden is encountering the same pitfalls as other seasoned politicians who’ve found their experience and record can be a liability. The former Delaware senator’s struggles to defend his remarks this week about finding common ground with two segregationists is an early sign of the trouble he could have explaining a complicated voting record and his nostalgia for a Washington collegiality that has steadily diminished since he was first elected in 1972.

Border control | Trump praised Mexico’s efforts to crack down on migrants crossing the border into the U.S. after the two countries entered an agreement aimed at stemming the flow of people entering Mexico from Central America. Mexico will take greater control of its southern border and ask foreigners to register their arrival.

Osaka drama | Before Trump, Group of 20 summits were dull if worthy affairs. This year’s gathering in Osaka, Japan next week promises to be anything but, as the U.S. president holds talks with China’s Xi Jinping after threatening to escalate their trade conflict. The best-case scenario would be a pause in new U.S. tariffs and a resumption of negotiations that broke down in May. The worst-case would be a new Cold War between the two largest economies.

Favorites flushed | European Union leaders cast aside the candidates who’ve dominated the race to head the next EU Commission and will start from scratch less than two weeks before a self-imposed deadline. The decision at a summit in Brussels extends gridlock that has left investors in the dark over a series of critical posts including the next president of the European Central Bank.

Bad air | As climate change tops political agendas from Washington to New Delhi, there’s no solution in sight for the bad air choking Europe’s poorest countries. While the EU has focused mostly on stability in the volatile Balkans, health problems and lost productivity from air pollution cost the continent more than 10 billion euros a year. Obsolete coal plants and cars spew smog and hundreds of thousands of people burn tires, wood and trash to stay warm.

What to Watch

Boris Johnson and Jeremy Hunt will go head-to-head in the contest to become the U.K.’s next prime minister as they seek votes from the Conservative Party’s 160,000 grassroots members over the next month. Ukraine’s Constitutional Court threw out a challenge to a decree by President Volodymyr Zelenskiy ordering early parliamentary elections. The ruling confirmed a vote will take place next month and a new government should be in place by the fall. Turkey reruns the election for mayor of Istanbul on Sunday, pitting former prime minister and ruling AK Party candidate Binali Yildirim against opposition challenger Ekrem Imamoglu, who was stripped of his narrow victory in the March 31 ballot.

And finally…The U.K. is poised to generate more energy from low-carbon sources than from fossil fuels for the first time since the Industrial Revolution. Wind, solar, hydro and nuclear plants provided 48% of the nation’s power in the first five months of this year. The U.K. has gone without burning coal, the dirtiest fossil fuel, for the equivalent of 80 days so far in 2019, including one stretch of 18 days in a row.

–With assistance from Kathleen Hunter and Daniel Ten Kate.

https://news.yahoo.com/did-trump-just-blink-bluff-100815556.html

Trump says Iran made ‘big mistake’ by taking down US drone

today

President Donald Trump speaks during a meeting with Canadian Prime Minister Justin Trudeau in the Oval Office of the White House, Thursday, June 20, 2019, in Washington. Trump declared Thursday that “Iran made a very big mistake” in shooting down a U.S. drone but suggested it was an accident rather than a strategic error. (AP Photo/Evan Vucci)

WASHINGTON (AP) — President Donald Trump declared Thursday that “Iran made a very big mistake” by shooting down a U.S. surveillance drone over the Strait of Hormuz but suggested it was a foolish error rather than an intentional escalation of the tensions that have led to rising fears of open military conflict.

Asked about a U.S. response, the president said pointedly, “You’ll soon find out.”

The downing of the huge, unmanned aircraft , which Iran portrayed as a deliberate defense of its territory rather than a mistake, was a stark reminder of the risk of military conflict between U.S. and Iranian forces as the Trump administration combines a “maximum pressure” campaign of economic sanctions against Iran with a buildup of American forces in the region.

The drone — which has a wingspan wider than a Boeing 737 — entered Iranian airspace “despite repeated radio warnings” and was shot down by Iran, acting under the U.N. Charter which allows self-defense action “if an armed attack occurs,” Iran’s U.N. Ambassador Majid Takht Ravanchi said in a letter to the U.N. secretary-general.

Donald Trump is playing down Iran's downing of an American drone, saying that it might have been a mistake executed by someone just being "loose and stupid." He said it was a "new wrinkle" in escalating tensions between the U.S. and Iran. (June 20)

Trump, who has said he wants to avoid war and negotiate with Iran over its nuclear ambitions, appeared to play down the significance of the shootdown.

He cast it as “a new wrinkle … a new fly in the ointment.” Yet he also said that “this country will not stand for it, that I can tell you.”

Shortly before Trump spoke, Air Force Lt. Gen. Joseph Guastella, commander of U.S. Central Command air forces in the region, took a more pointed view of the shootdown in an area where Trump has blamed Iran for attacking shipping vessels.

“This attack is an attempt to disrupt our ability to monitor the area following recent threats to international shipping and free flow of commerce,” he said.

The Trump administration has been putting increasing economic pressure on Iran for more than a year. It reinstated punishing sanctions following Trump’s decision to pull the U.S. out of an international agreement intended to limit Iran’s nuclear program in exchange for relief from earlier sanctions.

The other world powers who remain signed on to the nuclear deal have set a meeting to discuss the U.S. withdrawal and Iran’s announced plans to increase its uranium stockpile for June 28, a date far enough in the future to perhaps allow tensions to cool.

Citing Iranian threats, the U.S. recently sent an aircraft carrier to the Persian Gulf region and deployed additional troops alongside the tens of thousands already there. All this has raised fears that a miscalculation or further rise in tensions could push the U.S. and Iran into an open conflict 40 years after Tehran’s Islamic Revolution.

“We do not have any intention for war with any country, but we are fully ready for war,” Revolutionary Guard commander Gen. Hossein Salami said in a televised address.

The paramilitary Guard, which answers only to Supreme Leader Ayatollah Ali Khamenei, said it shot down the drone at 4:05 a.m. Thursday when it entered Iranian airspace near the Kouhmobarak district in southern Iran’s Hormozgan province. Kouhmobarak is about 1,200 kilometers (750 miles) southeast of Tehran.

The first U.S. reaction was Trump’s Thursday morning tweet of six forceful words: “Iran made a very big mistake.”

But later, while meeting with Canadian Prime Minister Justin Trudeau, Trump said, “I would imagine it was a general or somebody that made a mistake in shooting that drone down.

He said the American drone was unarmed and unmanned and “clearly over international waters.” It would have “made a big, big difference” if someone had been inside, he said.

“I find it hard to believe it was intentional, if you want to know the truth,” Trump said. “I think that it could have been somebody who was loose and stupid that did it.”

Taking issue with the U.S. version of where the attack occurred, Iranian Foreign Minister Mohammad Javad Zarif tweeted that his country had retrieved sections of the military drone “in OUR territorial waters where it was shot down.” He said, “We don’t seek war but will zealously defend our skies, land & waters.”

U.S. Gen. Guastella disputed that contention, telling reporters that the aircraft was 34 kilometers (21 miles) from the nearest Iranian territory and flying at high altitude when struck by a surface-to-air missile. The U.S. military has not commented on the mission of the remotely piloted aircraft that can fly higher than 10 miles in altitude and stay in the air for over 24 hours at a time.

One U.S. official said there was a second American aircraft in the area that was able to get video and imagery of the drone when it was shot down.

Congressional leaders came to the White House for an hour-long briefing in the Situation Room late Thursday with top national security officials including Secretary of State Mike Pompeo, CIA Director Gina Haspel, Joint Chiefs Chairman Gen. Joseph Dunford acting Defense Secretary Patrick Shanahan and Army Secretary Mark Esper, whom Trump has said he’ll nominate as Pentagon chief.

The Senate’s top Democrat called the downing of the American drone “deeply concerning” and accused the administration of not having an Iran strategy and keeping Congress and the rest of the nation in the dark.

“The president needs to explain to the American people why he’s driving us toward another endless conflict in the Middle East,” said Sen. Chuck Schumer of New York.

House Speaker Nancy Pelosi said she didn’t think Trump wanted war with Iran and the American people have “no appetite” for it either. She said the U.S. needs to be “strong and strategic” about protecting its interests but “cannot be reckless.”

Talking tougher, Republican Sen. Lindsey Graham of South Carolina called Iran a “murderous regime” and said, “If they’re itching for a fight they’re going to get one.”

“We’re a lot closer today than we were yesterday, and only God knows what tomorrow brings,” said Graham, a Trump ally who talked with the president by telephone.

The senator also focused on the issue of Iran’s nuclear ambitions, saying its leaders have refused to negotiate after Trump withdrew the U.S. from the international agreement to limit Iranian development of nuclear weapons.

Graham said it’s imperative that the U.S. clearly tell the Iranians that any attempt to increase uranium enrichment will be seen as a “hostile act against the United States and our allies in Israel and will not go unanswered.”

Another factor: This all comes as Trump is launching his re-election campaign. He ran for president promising to bring American troops home from the Middle East and Afghanistan and has repeatedly said he wants to keep America out of “endless wars.”

Ari Fleischer, who was press secretary for President George W. Bush, cautioned against thinking about politics when weighing any response to Iran.

“I suspect a successful limited counter-strike, such as taking out the missile battery that fired at the drone or the sinking of an unmanned Iranian vessel, would be seen as a well-calibrated show of resolve and discipline,” Fleischer said in an interview. He added that “if we do nothing, Iran may strike again thinking it has impunity.”

https://apnews.com/84ad15edb7324472bb867852059a0a7a

Iran shoots down US surveillance drone, heightening tensions

29 minutes ago

In this Oct. 24, 2018, photo released by the U.S. Air Force, members of the 7th Reconnaissance Squadron prepare to launch an RQ-4 Global Hawk at Naval Air Station Sigonella, Italy. Iran’s Revolutionary Guard shot down a U.S. RQ-4 Global Hawk on Thursday, June 20, 2019, amid heightened tensions between Tehran and Washington over its collapsing nuclear deal with world powers, American and Iranian officials said, though they disputed the circumstances of the incident. (Staff Sgt. Ramon A. Adelan/U.S. Air Force via AP)

TEHRAN, Iran (AP) — Iran’s Revolutionary Guard shot down a U.S. surveillance drone Thursday in the Strait of Hormuz, marking the first time the Islamic Republic directly attacked the American military amid tensions over Tehran’s unraveling nuclear deal with world powers.

The two countries disputed the circumstances leading up to an Iranian surface-to-air missile bringing down the U.S. Navy RQ-4A Global Hawk, an unmanned aircraft with a wingspan larger than a Boeing 737 jetliner and costing over $100 million.

Iran said the drone “violated” its territorial airspace, while the U.S. called the missile fire “an unprovoked attack” in international airspace over the narrow mouth of the Persian Gulf and President Donald Trump tweeted that “Iran made a very big mistake!”

Trump later appeared to play down the incident, telling reporters in the Oval Office that he had a feeling that “a general or somebody” being “loose and stupid” made a mistake in shooting down the drone.

AP Graphic

The incident immediately heightened the crisis already gripping the wider region, which is rooted in Trump withdrawing the U.S. a year ago from Iran’s 2015 nuclear deal and imposing crippling new sanctions on Tehran. Recently, Iran quadrupled its production of low-enriched uranium to be on pace to break one of the deal’s terms by next week while threatening to raise enrichment closer to weapons-grade levels on July 7 if Europe doesn’t offer it a new deal.

Citing unspecified Iranian threats, the U.S. has sent an aircraft carrier to the Middle East and deployed additional troops alongside the tens of thousands already there. All this has raised fears that a miscalculation or further rise in tensions could push the U.S. and Iran into an open conflict 40 years after Tehran’s Islamic Revolution.

“We do not have any intention for war with any country, but we are fully ready for war,” Revolutionary Guard commander Gen. Hossein Salami said in a televised address.

The paramilitary Guard, which answers only to Supreme Leader Ayatollah Ali Khamenei, said it shot down the drone at 4:05 a.m. Thursday when it entered Iranian airspace near the Kouhmobarak district in southern Iran’s Hormozgan province. Kouhmobarak is about 1,200 kilometers (750 miles) southeast of Tehran.

Iran’s Revolutionary Guard commander Gen. Hossein Salami. (Sepahnews via AP)

The drone took off from the southern Persian Gulf and collected data from Iranian territory, including the southern port of Chahbahar near Iran’s border with Pakistan, the Guard said in comments that appeared aimed at showing it could track the aircraft.

The U.S. military has not commented on the mission of the remotely piloted aircraft that can fly higher than 10 miles in altitude and stay in the air for over 24 hours at a time.

Iran used its air defense system known as Third of Khordad to shoot down the drone — a truck-based missile system that can fire up to 18 miles (30 kilometers) into the sky, the semi-official Fars news agency reported.

Iranian state TV later broadcast video it described as the moment the Guard launched the surface-to-air missile that struck the U.S. drone. Chants of “God is great!” could be heard as a fireball appeared in the darkened sky.

Typically, militaries worldwide call out to errant aircraft entering their airspace before firing. It’s unclear whether Iran gave any warning before opening fire. The U.S. military says Iran fired on and missed another drone last week near the Strait of Hormuz, the narrow mouth of the Persian Gulf through which 20% of all global oil moves.

The U.S. has been worried about international shipping through the strategic waterway since tankers were damaged in May and June in what Washington has blamed on limpet mines from Iran, although Tehran denied involvement.. On Wednesday in the United Arab Emirates, the U.S. Navy showed fragments of mines that it said bore “a striking resemblance” to those seen in Iran

The RQ-4 Global Hawk was at least 34 kilometers from Iranian territory when it was shot down by an Iranian surface-to-air missile, said Air Force Lt. Gen. Joseph Guastella, commander of the U.S. Central Command. He said it was an attempt to disrupt U.S. efforts to monitor the Persian Gulf region.

But Salami, speaking to a crowd in the western city of Sanandaj, described the American drone as “violating our national security border.”

“Borders are our red line,” the Revolutionary Guard general said. “Any enemy that violates the borders will be annihilated.”

Iran’s Foreign Ministry also said the drone entered Iranian airspace, and Foreign Minister Mohammad Javad Zarif tweeted it would take its case to the U.N. He later tweeted that Iran retrieved parts of the drone in its territorial waters.

Russian President Vladimir Putin urged caution, warning any war between Iran and the U.S. would be a “catastrophe for the region as a minimum.”

Israeli Prime Minister Benjamin Netanyahu urged support for U.S. efforts to halt what he called escalating Iranian provocations.

“In the last 24 hours, Iran has intensified its aggression against the United States and against all of us,” he said.

U.N. Secretary-General Antonio Guterres expressed concern and urged all parties to “avoid any action that could inflame the situation,” said U.N. spokesman Stephane Dujarric.

America stations some RQ-4 Global Hawks at the Al-Dhafra Air Base in the UAE, near the capital of Abu Dhabi. Associated Press journalists saw the drones on the base’s tarmac during a March 2016 visit by then-Vice President Joe Biden. The U.S. military occasionally publishes images from there of the drones, which have a distinctive hump-shaped front and an engine atop the fuselage.

Iran has claimed to have shot down U.S. drones before. In the most famous incident, in December 2011, Iran seized an RQ-170 Sentinel flown by the CIA to monitor Iranian nuclear sites after it entered Iranian airspace from neighboring Afghanistan. Iran later reverse-engineered the drone to create their own variants.

Elsewhere in the region Thursday, Saudi Arabia said Yemen’s Iranian-backed Houthi rebels fired a rocket at a desalination plant in al-Shuqaiq, a city in the kingdom’s Jizan province. The state-run Saudi Press Agency quoted military spokesman Col. Turki al-Maliki as saying it caused no damage or casualties.

The Yemeni rebel Al-Masirah satellite news channel earlier said the Houthis targeted a power plant in Jizan, near the kingdom’s border with Yemen, with a cruise missile.

A coalition led by Saudi Arabia, a key U.S. ally, has been battling the Houthis since March 2015 in Yemen, the Arab world’s poorest nation now pushed to the brink of famine by the conflict. In recent weeks, the Houthis have launched a new campaign sending missiles and bomb-laden drones into Saudi Arabia.

https://apnews.com/e4316eb989d5499c9828350de8524963

 

 

Story 2: Federal Reserve Board Votes To Keep Federal Funds Target Range of 2.25% to 2.5% Waiting For July 2019 Jobs Report and Second Quarter Real GDP Growth Rate Number — Videos

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Trump slams Fed over interest rate policy

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Sen. Tillis Says Fed Made Mistake in December, Defers to Trump on Powell Demotion

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Trump expected Powell to be a ‘cheap-money’ Fed chairman

S&P 500 closes at new record as Wall Street bets Fed will lower rates, Dow surges nearly 250 points

VIDEO02:12
The S&P 500 just closed at a record high — Here’s what four experts say to watch

Stocks rallied on Thursday, led by strong gains in tech and energy shares, as Wall Street cheered the possibility that the Federal Reserve will cut interest rates next month.

The S&P 500 surged 1% to 2,954.18, a record close. The broad index also hit an intraday record of 2,958.06. The Dow Jones Industrial Average closed 249.17 points higher at 26,753.17. The Nasdaq Composite gained 0.8% to end the day at 8,051.34.

The yield on the 10-year Treasury fell below 2% for the first time since November 2016. Investors cheered the decline in the benchmark for mortgage rates and corporate bonds.

The energy sector rose more than 2% to lead all 11 S&P 500 sectors higher as oil prices jumped. Tech gained 1.4% after shares of Oracle surged more than 8% on stronger-than-forecast earnings. General Electric’s 2.8% rise pushed the industrials sector up more than 1.6% on the day.

“Markets are based on numbers and perception. If the perception is rates are getting cut, that’s going to drive markets higher,” said Kathy Entwistle, senior vice president of wealth management at UBS. “UBS’ stance up until yesterday was we wouldn’t see any rate cuts this year. Now we see a much larger chance of a 50-basis-point cut.”

The Fed said Wednesday it stands ready to battle growing global and domestic economic risks as they took stock of intensifying trade tensions and growing concerns about inflation. Most Fed policymakers slashed their rate outlook for the rest of the calendar year by approximately half a percentage point in the previous session, while Chairman Jerome Powell said others agree the case for lower rates is building.

Policymakers also dropped “patient” from the Fed’s statement and acknowledged that inflation is “running below” its 2% objective.

Market participants viewed the overall tone from the U.S. central bank as more dovish than expected. Traders are now pricing in a 100% chance of a rate cutnext month, according to the CME FedWatch tool.

With Thursday’s gains, the market has now erased the steep losses recorded by the major indexes in May, which were sparked by trade fears. The S&P 500 and Dow both fell more than 6% while the Nasdaq lost 7.9% last month. The three indexes were up more than 7% for June.

China and the U.S. hiked tariffs on billions of dollars worth of their goods in May. Stocks turned around this month as traders bet the rising trade tensions, coupled with weaker economic data, would lead the Fed to ease its monetary policy stance.

The Fed’s message on Wednesday sent the 10-year Treasury yield to as low as 1.974% before ending the day around 2.02%. The yield stood at 2.8% in January.

“The FOMC reinforced the market’s conviction,” said Steve Blitz, chief U.S. economist at TS Lombard, in a note. “Barring a dramatic turnaround in the data, the next move is a cut – perhaps even a 50bp reduction.”

The dollar also took a hit against other major currencies. The dollar index dropped 0.5% to 96.65, led by a 0.6% slide in the euro. The yen and Canadian dollar also rose against the U.S. currency.

Energy shares got a boost from higher oil prices. The Energy Select Sector SPDR Fund (XLE) climbed 2.2% as shares of Exxon Mobil gained 1.7%. Oil prices surged 5.4% after a U.S. official said a drone was shot down over Iranian airspace.

Meanwhile, Slack shares surged more than 40% in their first day of trading. The stock closed above $38 after setting a reference price of $26.

https://www.cnbc.com/2019/06/20/stock-market-dow-futures-higher-after-fed-raises-rate-cut-hopes.html

Federal Open Market Committee

About the FOMC

Recent FOMC press conference

June 19, 2019

FOMC Transcripts and other historical materials

The term “monetary policy” refers to the actions undertaken by a central bank, such as the Federal Reserve, to influence the availability and cost of money and credit to help promote national economic goals. The Federal Reserve Act of 1913 gave the Federal Reserve responsibility for setting monetary policy.

The Federal Reserve controls the three tools of monetary policy–open market operationsthe discount rate, and reserve requirements. The Board of Governors of the Federal Reserve System is responsible for the discount rate and reserve requirements, and the Federal Open Market Committee is responsible for open market operations. Using the three tools, the Federal Reserve influences the demand for, and supply of, balances that depository institutions hold at Federal Reserve Banks and in this way alters the federal funds rate. The federal funds rate is the interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight.

Changes in the federal funds rate trigger a chain of events that affect other short-term interest rates, foreign exchange rates, long-term interest rates, the amount of money and credit, and, ultimately, a range of economic variables, including employment, output, and prices of goods and services.

Structure of the FOMC

The Federal Open Market Committee (FOMC) consists of twelve members–the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis. The rotating seats are filled from the following four groups of Banks, one Bank president from each group: Boston, Philadelphia, and Richmond; Cleveland and Chicago; Atlanta, St. Louis, and Dallas; and Minneapolis, Kansas City, and San Francisco. Nonvoting Reserve Bank presidents attend the meetings of the Committee, participate in the discussions, and contribute to the Committee’s assessment of the economy and policy options.

The FOMC holds eight regularly scheduled meetings per year. At these meetings, the Committee reviews economic and financial conditions, determines the appropriate stance of monetary policy, and assesses the risks to its long-run goals of price stability and sustainable economic growth.

For more detail on the FOMC and monetary policy, see section 2 of the brochure on the structure of the Federal Reserve Systemand chapter 2 of Purposes & Functions of the Federal Reserve System. FOMC Rules and Authorizations are also available online.

2019 Committee Members

Alternate Members

Federal Reserve Bank Rotation on the FOMC

Committee membership changes at the first regularly scheduled meeting of the year.

2020 2021 2022
Members New York
Cleveland
Philadelphia
Dallas
Minneapolis
New York
Chicago
Richmond
Atlanta
San Francisco
New York
Cleveland
Boston
St. Louis
Kansas City
Alternate
Members
New York
Chicago
Richmond
Atlanta
San Francisco
New York
Cleveland
Boston
St. Louis
Kansas City
New York
Chicago
Philadelphia
Dallas
Minneapolis

 †For the Federal Reserve Bank of New York, the First Vice President is the alternate for the President. Return to table

For additional information, please use the FOMC FOIA request form.

https://www.federalreserve.gov/monetarypolicy/fomc.htm

 

Fed holds rates steady, but opens the door for a rate cut in the future

The action sets up a possible confrontation between Fed Chairman Jerome Powell and President Donald Trump, who has been pressuring the Fed to cut rates. Just Tuesday, Trump said “let’s see what he does” at the Fed meeting when asked if he still wants to demote Powell.

At the post-statement news conference, Powell was asked about his future as chairman. “I think the law is clear that I have a four year term, and I fully intend to serve it,” he said.

The strong majority for this month’s decision contrasted with a sharp difference of opinion on what happens next.

The committee provided an important nod to those worried about slower growth: It dropped the word “patient” in  describing its approach to policy. The characterization was a key part of the Fed “pivot” earlier this year that signaled to the market a more dovish approach to rates.

“The Fed didn’t surprise investors with the decision to maintain rates, but the split vote tells us that a cut is on the way and it’s increasingly likely that will be in July, as bond markets have been hoping,” said Neil Birrell, chief investment officer at Premier Asset Management.

“This was probably the compromise decision — it wasn’t shocking and should offer some reassurance,” Steve Rick, chief economist at CUNA Mutual Group, said in a note. “The FOMC will still want to closely monitor the stress fractures from the bond market, middling housing and auto sales numbers, and an increasingly uncertain global economic landscape in the coming months.”

The statement also changed wording to concede that inflation is “running below” the Fed’s 2% objective. In their forecast for headline inflation this year, officials slashed the estimate to 1.5% from March’s 1.8%. Core inflation, which excludes volatile food and energy prices, is likely now to be 1.8% from March’s 2%, according to the quarterly summary of economic projections also released Wednesday.

‘In light of these uncertainties’

The committee changed language from its May statement to indicate that economic activity is “rising at a moderate rate,” a downgrade from “solid.”

In their baseline scenario, FOMC members said they still expect “sustained expansion of economic activity” and a move toward 2% inflation, but realize that “uncertainties about this outlook have increased.”

“In light of these uncertainties and muted inflation pressures, the Committee will closely monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion, with a strong labor market and inflation near its symmetric 2 percent objective,” the statement said. The “act as appropriate to sustain the expansion” language mirrors a statement from Powell in early June.

Very reasonable to think Fed will cut rates twice this year: Strategist

The committee characterized the labor market as “strong” with “solid” jobs growth, despite May’s disappointing nonfarm payrolls growth of 75,000. The statement further said that household spending “appears to have picked up from earlier in the year.”

The changes came amid what appeared to be little consensus among the committee about where rates go next.

Divided Fed

According to the “dot plot” of individual members’ expectations, eight members favor one cut this year while the same number voted in favor of the status quo and one still wants a rate hike. Bullard and Minneapolis Fed President Neel Kashkari have led the public discussion about the potential for rate cuts, while other members have been less firm.

Into 2020, the Fed consensus was a bit stronger, with nine members wanting a cut to a funds rate around 2.1%. The direction changes, though, in 2021, with indications of an increase of about a quarter-point, culminating in an expected long-run value of 2.5%. The funds rate most recently was trading at 2.37%.

Traders in the thin and volatile funds market had been pricing in a 26% chance of a cut at this week’s meeting. Later in the year, though, the probability for a July easing rose to 82.5% and the chances of a second cut in December were most recently at 60.4%. The market expects a third cut to come around March of 2020.

While the statement language offered some significant changes, estimates in the summary of economic projections, other than inflation, moved little from March. GDP growth is still expected to be 2.1% for the year – it was 3.1% in the first quarter, and the Atlanta Fed is forecasting a 2% gain in the second quarter. The unemployment rate is now expected to hold at a 50-year low of 3.6%, against the March forecast of 3.7%.

https://www.cnbc.com/2019/06/19/fed-decision-fed-leaves-rates-unchanged.html

10-year Treasury yield drops below 2% for first time since November 2016

Federal funds rate

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Federal Funds Rate compared to U.S. Treasury interest rates

2 to 10 year treasury yield spread

Inflation (blue) compared to federal funds rate (red)

Quarterly gross domestic product compared to Federal Funds Rate.

Federal Funds Rate and Treasury interest rates from 2002-2019

In the United States, the federal funds rate is the interest rate at which depository institutions (banks and credit unions) lend reserve balances to other depository institutions overnight, on an uncollateralized basis. Reserve balances are amounts held at the Federal Reserve to maintain depository institutions’ reserve requirements. Institutions with surplus balances in their accounts lend those balances to institutions in need of larger balances. The federal funds rate is an important benchmark in financial markets.[1][2]

The interest rate that the borrowing bank pays to the lending bank to borrow the funds is negotiated between the two banks, and the weighted average of this rate across all such transactions is the federal funds effective rate.

The federal funds target rate is determined by a meeting of the members of the Federal Open Market Committee which normally occurs eight times a year about seven weeks apart. The committee may also hold additional meetings and implement target rate changes outside of its normal schedule.

The Federal Reserve uses open market operations to make the federal funds effective rate follow the federal funds target rate. The target rate is chosen in part to influence the money supply in the U.S. economy[3]

Contents

Mechanism

Financial institutions are obligated by law to maintain certain levels of reserves, either as reserves with the Fed or as vault cash. The level of these reserves is determined by the outstanding assets and liabilities of each depository institution, as well as by the Fed itself, but is typically 10%[4] of the total value of the bank’s demand accounts (depending on bank size). In the range of $9.3 million to $43.9 million, for transaction deposits (checking accountsNOWs, and other deposits that can be used to make payments) the reserve requirement in 2007–2008 was 3 percent of the end-of-the-day daily average amount held over a two-week period. Transaction deposits over $43.9 million held at the same depository institution carried a 10 percent reserve requirement.

For example, assume a particular U.S. depository institution, in the normal course of business, issues a loan. This dispenses money and decreases the ratio of bank reserves to money loaned. If its reserve ratio drops below the legally required minimum, it must add to its reserves to remain compliant with Federal Reserve regulations. The bank can borrow the requisite funds from another bank that has a surplus in its account with the Fed. The interest rate that the borrowing bank pays to the lending bank to borrow the funds is negotiated between the two banks, and the weighted average of this rate across all such transactions is the federal funds effective rate.

The federal funds target rate is set by the governors of the Federal Reserve, which they enforce by open market operations and adjustments in the interest rate on reserves.[5] The target rate is almost always what is meant by the media referring to the Federal Reserve “changing interest rates.” The actual federal funds rate generally lies within a range of that target rate, as the Federal Reserve cannot set an exact value through open market operations.

Another way banks can borrow funds to keep up their required reserves is by taking a loan from the Federal Reserve itself at the discount window. These loans are subject to audit by the Fed, and the discount rate is usually higher than the federal funds rate. Confusion between these two kinds of loans often leads to confusion between the federal funds rate and the discount rate. Another difference is that while the Fed cannot set an exact federal funds rate, it does set the specific discount rate.

The federal funds rate target is decided by the governors at Federal Open Market Committee (FOMC) meetings. The FOMC members will either increase, decrease, or leave the rate unchanged depending on the meeting’s agenda and the economic conditions of the U.S. It is possible to infer the market expectations of the FOMC decisions at future meetings from the Chicago Board of Trade (CBOT) Fed Funds futures contracts, and these probabilities are widely reported in the financial media.

Applications

Interbank borrowing is essentially a way for banks to quickly raise money. For example, a bank may want to finance a major industrial effort but may not have the time to wait for deposits or interest (on loan payments) to come in. In such cases the bank will quickly raise this amount from other banks at an interest rate equal to or higher than the Federal funds rate.

Raising the federal funds rate will dissuade banks from taking out such inter-bank loans, which in turn will make cash that much harder to procure. Conversely, dropping the interest rates will encourage banks to borrow money and therefore invest more freely.[6] This interest rate is used as a regulatory tool to control how freely the U.S. economy operates.

By setting a higher discount rate the Federal Bank discourages banks from requisitioning funds from the Federal Bank, yet positions itself as a lender of last resort.

Comparison with LIBOR

Though the London Interbank Offered Rate (LIBOR) and the federal funds rate are concerned with the same action, i.e. interbank loans, they are distinct from one another, as follows:

  • The target federal funds rate is a target interest rate that is set by the FOMC for implementing U.S. monetary policies.
  • The (effective) federal funds rate is achieved through open market operations at the Domestic Trading Desk at the Federal Reserve Bank of New York which deals primarily in domestic securities (U.S. Treasury and federal agencies’ securities).[7]
  • LIBOR is based on a questionnaire where a selection of banks guess the rates at which they could borrow money from other banks.
  • LIBOR may or may not be used to derive business terms. It is not fixed beforehand and is not meant to have macroeconomic ramifications.[8]

Predictions by the market

Considering the wide impact a change in the federal funds rate can have on the value of the dollar and the amount of lending going to new economic activity, the Federal Reserve is closely watched by the market. The prices of Option contracts on fed funds futures (traded on the Chicago Board of Trade) can be used to infer the market’s expectations of future Fed policy changes. Based on CME Group 30-Day Fed Fund futures prices, which have long been used to express the market’s views on the likelihood of changes in U.S. monetary policy, the CME Group FedWatch tool allows market participants to view the probability of an upcoming Fed Rate hike. One set of such implied probabilities is published by the Cleveland Fed.

Historical rates

As of 19 December 2018 the target range for the Federal Funds Rate is 2.25–2.50%.[9] This represents the ninth increase in the target rate since tightening began in December 2015.[10]

The last full cycle of rate increases occurred between June 2004 and June 2006 as rates steadily rose from 1.00% to 5.25%. The target rate remained at 5.25% for over a year, until the Federal Reserve began lowering rates in September 2007. The last cycle of easing monetary policy through the rate was conducted from September 2007 to December 2008 as the target rate fell from 5.25% to a range of 0.00–0.25%. Between December 2008 and December 2015 the target rate remained at 0.00–0.25%, the lowest rate in the Federal Reserve’s history, as a reaction to the Financial crisis of 2007–2008 and its aftermath. According to Jack A. Ablin, chief investment officer at Harris Private Bank, one reason for this unprecedented move of having a range, rather than a specific rate, was because a rate of 0% could have had problematic implications for money market funds, whose fees could then outpace yields.[11]

Federal funds rate history and recessions.png

Explanation of federal funds rate decisions

When the Federal Open Market Committee wishes to reduce interest rates they will increase the supply of money by buying government securities. When additional supply is added and everything else remains constant, the price of borrowed funds – the federal funds rate – falls. Conversely, when the Committee wishes to increase the federal funds rate, they will instruct the Desk Manager to sell government securities, thereby taking the money they earn on the proceeds of those sales out of circulation and reducing the money supply. When supply is taken away and everything else remains constant, the interest rate will normally rise.[12]

The Federal Reserve has responded to a potential slow-down by lowering the target federal funds rate during recessions and other periods of lower growth. In fact, the Committee’s lowering has recently predated recessions,[13] in order to stimulate the economy and cushion the fall. Reducing the federal funds rate makes money cheaper, allowing an influx of credit into the economy through all types of loans.

The charts linked below show the relation between S&P 500 and interest rates.

  • July 13, 1990 — Sept 4, 1992: 8.00%–3.00% (Includes 1990–1991 recession)[14][15]
  • Feb 1, 1995 — Nov 17, 1998: 6.00–4.75 [16][17][18]
  • May 16, 2000 — June 25, 2003: 6.50–1.00 (Includes 2001 recession)[19][20][21]
  • June 29, 2006 — (Oct. 29 2008): 5.25–1.00[22]
  • Dec 16, 2008 — 0.0–0.25[23]
  • Dec 16, 2015 — 0.25–0.50[24]
  • Dec 14, 2016 — 0.50–0.75[25]
  • Mar 15, 2017 — 0.75–1.00[26]
  • Jun 14, 2017 — 1.00–1.25[27]
  • Dec 13, 2017 — 1.25–1.50[28]
  • Mar 21, 2018 — 1.50–1.75[29]
  • Jun 13, 2018 — 1.75–2.00[30]
  • Sep 26, 2018 — 2.00–2.25[9]
  • Dec 19, 2018 — 2.25–2.50[31]

Bill Gross of PIMCO suggested that in the prior 15 years ending in 2007, in each instance where the fed funds rate was higher than the nominal GDP growth rate, assets such as stocks and housing fell.[32]

International effects

A low federal funds rate makes investments in developing countries such as China or Mexico more attractive. A high federal funds rate makes investments outside the United States less attractive. The long period of a very low federal funds rate from 2009 forward resulted in an increase in investment in developing countries. As the United States began to return to a higher rate in 2013 investments in the United States became more attractive and the rate of investment in developing countries began to fall. The rate also affects the value of currency, a higher rate increasing the value of the U.S. dollar and decreasing the value of currencies such as the Mexican peso.[33]

See also

References

  1. ^ “Fedpoints: Federal Funds”Federal Reserve Bank of New York. August 2007. Retrieved October 2, 2011.
  2. ^ “The Implementation of Monetary Policy”. The Federal Reserve System: Purposes & Functions(PDF). Washington, D.C.: Federal Reserve Board. August 24, 2011. p. 4. Retrieved October 2, 2011.
  3. ^ “Monetary Policy, Open Market Operations”. Federal Reserve Bank. January 30, 2008. Archived from the original on April 13, 2001. Retrieved January 30, 2008.
  4. ^ “Reserve Requirements”. Board of Governors of The Federal Reserve System. December 16, 2015.
  5. ^ Stefan Homburg (2017) A Study in Monetary Macroeconomics, Oxford University Press, ISBN978-0-19-880753-7.
  6. ^ “Fed funds rate”. Bankrate, Inc. March 2016.
  7. ^ Cheryl L. Edwards (November 1997). Gerard Sinzdak. “Open Market Operations in the 1990s”(PDF)Federal Reserve Bulletin (PDF).
  8. ^ “BBA LIBOR – Frequently asked questions”. British Bankers’ Association. March 21, 2006. Archived from the original on February 16, 2007.
  9. Jump up to:ab “Federal Reserve issues FOMC statement” (Press release). Board of Governors of the Federal Reserve System. December 19, 2018. Retrieved June 2, 2019.
  10. ^ Tankersley, Jim (March 21, 2018). “Fed Raises Interest Rates for Sixth Time Since Financial Crisis”The New York Times. Retrieved March 22, 2018.
  11. ^ “4:56 p.m. US-Closing Stocks”. Associated Press. December 16, 2008. Archived from the original on July 18, 2012.
  12. ^ David Waring (February 19, 2008). “An Explanation of How The Fed Moves Interest Rates”. InformedTrades.com. Archived from the original on May 5, 2015. Retrieved July 20, 2009.
  13. ^ “Historical Changes of the Target Federal Funds and Discount Rates, 1971 to present”. New York Federal Reserve Branch. February 19, 2010. Archived from the original on December 21, 2008.
  14. ^ “$SPX 1990-06-12 1992-10-04 (rate drop chart)”. StockCharts.com.
  15. ^ “$SPX 1992-08-04 1995-03-01 (rate rise chart)”. StockCharts.com.
  16. ^ “$SPX 1995-01-01 1997-01-01 (rate drop chart)”. StockCharts.com.
  17. ^ “$SPX 1996-12-01 1998-10-17 (rate drop chart)”. StockCharts.com.
  18. ^ “$SPX 1998-09-17 2000-06-16 (rate rise chart)”. StockCharts.com.
  19. ^ “$SPX 2000-04-16 2002-01-01 (rate drop chart)”. StockCharts.com.
  20. ^ “$SPX 2002-01-01 2003-07-25 (rate drop chart)”. StockCharts.com.
  21. ^ “$SPX 2003-06-25 2006-06-29 (rate rise chart)”. StockCharts.com.
  22. ^ “$SPX 2006-06-29 2008-06-01 (rate drop chart)”. StockCharts.com.
  23. ^ “Press Release”. Board of Governors of The Federal Reserve System. December 16, 2008.
  24. ^ “Open Market Operations”. Board of Governors of The Federal Reserve System. December 16, 2015.
  25. ^ “Decisions Regarding Monetary Policy Implementation”. Board of Governors of The Federal Reserve System. Archived from the original on December 15, 2016.
  26. ^ Cox, Jeff (March 15, 2017). “Fed raises rates at March meeting”CNBC. Retrieved March 15, 2017.
  27. ^ “Federal Reserve issues FOMC statement”. Board of Governors of The Federal Reserve System. June 14, 2017.
  28. ^ “Federal Reserve issues FOMC statement”. Board of Governors of The Federal Reserve System. December 13, 2017.
  29. ^ “Federal Reserve issues FOMC statement”. Board of Governors of The Federal Reserve System. March 21, 2018.
  30. ^ “Federal Reserve issues FOMC statement”. Board of Governors of The Federal Reserve System. June 13, 2018.
  31. ^ “Federal Reserve issues FOMC statement”. Board of Governors of The Federal Reserve System. December 19, 2018.
  32. ^ Shaw, Richard (January 7, 2007). “The Bond Yield Curve as an Economic Crystal Ball”. Retrieved April 3, 2011.
  33. ^ Peter S. Goodman, Keith Bradsher and Neil Gough (March 16, 2017). “The Fed Acts. Workers in Mexico and Merchants in Malaysia Suffer”The New York Times. Retrieved March 18,2017Rising interest rates in the United States are driving money out of many developing countries, straining governments and pinching consumers around the globe.

External links

https://en.wikipedia.org/wiki/Federal_funds_rate

The Impact of an Inverted Yield Curve

The term yield curve refers to the relationship between the short- and long-term interest rates of fixed-income securities issued by the U.S. Treasury. An inverted yield curve occurs when short-term interest rates exceed long-term rates.

From an economic perspective, an inverted yield curve is a noteworthy event. Below, we explain this rare phenomenon, discuss its impact on consumers and investors, and tell you how to adjust your portfolio to account for it.

Interest Rates and Yield Curves

Typically, short-term interest rates are lower than long-term rates, so the yield curve slopes upwards, reflecting higher yields for longer-term investments. This is referred to as a normal yield curve. When the spread between short-term and long-term interest rates narrows, the yield curve begins to flatten. A flat yield curve is often seen during the transition from a normal yield curve to an inverted one.

Normal Yield Curve

Figure 1 – A normal yield curve

What Does an Inverted Yield Curve Suggest?

Historically, an inverted yield curve has been viewed as an indicator of a pending economic recession. When short-term interest rates exceed long-term rates, market sentiment suggests that the long-term outlook is poor and that the yields offered by long-term fixed income will continue to fall.

More recently, this viewpoint has been called into question, as foreign purchases of securities issued by the U.S. Treasury have created a high and sustained level of demand for products backed by U.S. government debt. When investors are aggressively seeking debt instruments, the debtor can offer lower interest rates. When this occurs, many argue that it is the laws of supply and demand, rather than impending economic doom and gloom, that enable lenders to attract buyers without having to pay higher interest rates.

Inverted Yield Curve

Figure 2 – An inverted yield curve: note the inverse relationship between yield and maturity

Inverted yield curves have been relatively rare, due in large part to longer-than-average periods between recessions since the early 1990s. For example, the economic expansions that began in March 1991, November 2001 and June 2009 were three of the four longest economic expansions since World War II. During these long periods, the question often arises as to whether an inverted yield curve can happen again.

Economic cycles, regardless of their length, have historically transitioned from growth to recession and back again. Inverted yield curves are an essential element of these cycles, preceding every recession since 1956. Considering the consistency of this pattern, an inverted yield will likely form again if the current expansion fades to recession.

Upward sloping yield curves are a natural extension of the higher risks associated with long maturities. In a growing economy, investors also demand higher yields at the long end of the curve to compensate for the opportunity cost of investing in bonds versus other asset classes, and to maintain an acceptable spread over inflation rates.

As the economic cycle begins to slow, perhaps due to interest rate hikes by the Federal Reserve Bank, the upward slope of the yield curve tends to flatten as short-term rates increase and longer yields stay stable or decline slightly. In this environment, investors see long-term yields as an acceptable substitute for the potential of lower returns in equities and other asset classes, which tend to increase bond prices and reduce yields.

Inverted Yield Curve Impact on Consumers

In addition to its impact on investors, an inverted yield curve also has an impact on consumers. For example, homebuyers financing their properties with adjustable-rate mortgages (ARMs) have interest-rate schedules that are periodically updated based on short-term interest rates. When short-term rates are higher than long-term rates, payments on ARMs tend to rise. When this occurs, fixed-rate loans may be more attractive than adjustable-rate loans.

Lines of credit are affected in a similar manner. In both cases, consumers must dedicate a larger portion of their incomes toward servicing existing debt. This reduces expendable income and has a negative effect on the economy as a whole.

The Formation of an Inverted Yield Curve

As concerns of an impending recession increase, investors tend to buy long Treasury bonds based on the premise that they offer a safe harbor from falling equities markets, provide preservation of capital and have potential for appreciation in value as interest rates decline. As a result of the rotation to long maturities, yields can fall below short-term rates, forming an inverted yield curve. Since 1956, equities have peaked six times after the start of an inversion, and the economy has fallen into recession within seven to 24 months.

As of 2017, the most recent inverted yield curve first appeared in August 2006, as the Fed raised short-term interest rates in response to overheating equity, real estate and mortgage markets. The inversion of the yield curve preceded the peak of the Standard & Poor’s 500 in October 2007 by 14 months and the official start of the recession in December 2007 by 16 months. However, a growing number of 2018 economic outlooks from investment firms are suggesting that an inverted yield curve could be on the horizon, citing the narrowing spread between short- and long-dated Treasuries.

If history is any precedent, the current business cycle will progress, and slowing in the economy may eventually become evident. If concerns of the next recession rise to the point where investors see the purchase of long-dated Treasuries as the best option for their portfolios, there is a high likelihood that the next inverted yield curve will take shape.

Inverted Yield Curve Impact on Fixed-Income Investors

A yield curve inversion has the greatest impact on fixed-income investors. In normal circumstances, long-term investments have higher yields; because investors are risking their money for longer periods of time, they are rewarded with higher payouts. An inverted curve eliminates the risk premium for long-term investments, allowing investors to get better returns with short-term investments.

When the spread between U.S. Treasuries (a risk-free investment) and higher-risk corporate alternatives is at historical lows, it is often an easy decision to invest in lower-risk vehicles. In such cases, purchasing a Treasury-backed security provides a yield similar to the yield on junk bondscorporate bondsreal estate investment trusts (REITs) and other debt instruments, but without the risk inherent in these vehicles. Money market funds and certificates of deposit (CDs) may also be attractive – particularly when a one-year CD is paying yields comparable to those on a 10-year Treasury bond.

Inverted Yield Curve Impact on Equity Investors

When the yield curve becomes inverted, profit margins fall for companies that borrow cash at short-term rates and lend at long-term rates, such as community banks. Likewise, hedge funds are often forced to take on increased risk in order to achieve their desired level of returns.

In fact, a bad bet on Russian interest rates is largely credited for the demise of Long-Term Capital Management, a well-known hedge fund run by bond trader John Meriwether.

Despite their consequences for some parties, yield-curve inversions tend to have less impact on consumer staples and healthcare companies, which are not interest-rate dependent. This relationship becomes clear when an inverted yield curve precedes a recession. When this occurs, investors tend to turn to defensive stocks, such as those in the food, oil and tobacco industries, which are often less affected by downturns in the economy.

The Bottom Line

While experts question whether or not an inverted yield curve remains a strong indicator of pending economic recession, keep in mind that history is littered with portfolios that were devastated when investors blindly followed predictions about how “it’s different this time.” Most recently, shortsighted equity investors spouting this mantra participated in the “tech wreck,” snapping up shares in tech companies at inflated prices even though these firms had no hope of ever making a profit.

If you want to be a smart investor, ignore the noise. Instead of spending time and effort trying to figure out what the future will bring, construct your portfolio based on long-term thinking and long-term convictions – not short-term market movements.

For your short-term income needs, do the obvious: choose the investment with the highest yield, but keep in mind that inversions are an anomaly and they don’t last forever. When the inversion ends, adjust your portfolio accordingly.

Story 3: Creepy, Sleepy, Dopey, Joey Biden in Praise of Civility of Democrat Segregationist Senators Eastland (Mississippi) and Talmadge (Georgia) Who Got Things Done — Radical Extremist Democrats (REDS) Attack Biden — Lying Lunatic Leftist Losers and Big Lie Media Playing Identity Politics and Divide and Conquer — Videos —

Biden’s ties to segregationist senator spark campaign tension

Biden’s ties to segregationist senator spark campaign tension

SUSAN WALSH / AP

Joe Biden was a freshman senator, the youngest member of the august body, when he reached out to an older colleague for help on one of his early legislative proposals: The courts were ordering racially segregated school districts to bus children to create more integrated classrooms, a practice Biden opposed and wanted to change.

“I want you to know that I very much appreciate your help during this week’s Committee meeting in attemptingto bring my antibusing legislation to a vote,” Biden wrote on June 30, 1977.

The recipient of Biden’s entreaty was Sen. James Eastland, at the time a well-known segregationist who had called blacks “an inferior race” and once vowed to prevent blacks and whites from eating together in Washington. The exchange, revealed in a series of letters, offers a new glimpse into an old relationship that erupted this week as a major controversy for Biden’s presidential campaign.Biden on Wednesday night described his relationship with Eastland as one he “had to put up with.” He said of his relationships with Eastland and another staunch segregationist and southern Democrat, Sen. Herman Talmadge of Georgia, that “the fact of the matter is that we were able to do it because we were able to win — we were able to beat them on everything they stood for.”

But the letters show a different type of relationship, one in which they were aligned on a legislative issue. Biden said at the time that he did not think that busing was the best way to integrate schools in Delaware and that systemic racism should be dealt with by investing in schools and improving housing policies.

The letters were provided Thursday to the Washington Post by the University of Mississippi, which houses Eastland’s archived papers. They were reported in April by CNN.

Biden’s campaign late Thursday issued a statement saying that “the insinuation that Joe Biden shared the same views as Eastland on segregation is a lie.”

“Plain and simple. Joe Biden has dedicated his career to fighting for civil rights,” the statement said.

The controversy over Biden’s comments this week have continued to reverberate at a crucial time in the campaign, with matters of race dominating the political discussion ahead of several prominent gatherings, including the first presidential debate next week and a multicandidate event before black voters in South Carolina on Friday. It has emerged as a complex political problem for Biden, who has been trying to campaign as a civil rights champion while explaining past views that are out of step with today’s Democratic base.

Biden’s Wednesday remarks sparked one of the sharpest intra-Democrat exchanges of the campaign, when Sen. Cory Booker of New Jersey, one of his black 2020 rivals, criticized both Biden’s work with segregationists and the language that he used in describing it.

On Wednesday, Biden called Booker. Biden’s campaign also distributed talking points to supporters, emphasizing that Eastland and Talmadge “were people who he fundamentally disagreed with on the issue of civil rights.”

Late Thursday, the former vice president met with a small group that included black members of Congress, one of the participants said.

Divisions also emerged in Biden’s campaign over how he should handle such situations. Aides alternately argued that he simply misspoke in telling the anecdote, that he shouldn’t be telling it at all or that his remarks demonstrate his ability to work with those with whom he disagrees and the words were being purposefully twisted for political gain.

The letters show that Biden’s courtship of Eastland started in 1972, before he had taken office, and that he wrote to the older senator listing his top six committee assignment requests, with Foreign Relations and Judiciary at the top. A few weeks later, Biden thanked Eastland, writing that he was “flattered and grateful” for his help. He also referred to the December 1972 car crash that killed his wife and daughter and injured his two sons.

“Despite my preoccupation with family matters at this time, I intend to place the highest priority on attending to my committee responsibilities,” Biden wrote.

Biden supporters have repeatedly pointed to his efforts on civil rights issues to cast him as a champion of equality. Not only did he share an eight-year partnership with the first black president, he also worked alongside black leaders throughout his career on extending the Voting Rights Act, amending the Fair Housing Act and creating the holiday honoring the Rev. Martin Luther King Jr.et in the debate over the merits of busing as a solution to greater integration, Biden’s avowed stance against it put him at odds with some civil rights leaders.

 

 

It was in that context that he courted the support of Eastland — at the time the chairman of the Senate Judiciary Committee — as well as other senators.

In one letter, on March 2, 1977, Biden outlined legislation he was filing to restrict busing practices.

“My bill strikes at the heart of the injustice of court ordered busing,” he wrote to Eastland. “It prohibits the federal courts from disrupting our educational system in the name of the constitution where there is no evidence that the governmental officials intended to discriminate.”

“I believe there is growing sentiment in the Congress to curb unnecessary busing,” he added. The Senate two years earlier had passed a Biden amendment that prohibited the federal Department of Health, Education and Welfare from ordering busing to achieve school integration.

 

“That was the first time the U.S. Senate took a firm stand in opposition to busing,” Biden wrote. “The Supreme Court seems to have recognized that busing simply cannot be justified in cases where state and local officials intended no discrimination.”

In later letters to Eastland, Biden continued pushing his legislation.

“I want you to know that I very much appreciate your help during this week’s Committee meeting in attempting to bring my antibusing legislation to a vote,” Biden wrote on June 30, 1977.

The next year, he continued to push for antibusing legislation and again wrote to Eastland.

“Since your support was essential to having our bill reported out by the Judiciary Committee, I want to personally ask your continued support and alert you to our intentions,” Biden wrote on Aug 22, 1978. “Your participation in floor debate would be welcomed.”

After Biden’s remarks at the Wednesday night fund-raiser, advisers played down his comments about Eastland as a garbled rendition of a familiar Biden anecdote. In particular, they sought to excuse Biden for saying that Eastland didn’t refer to him as “boy” — an insult leveled at black men — but as “son.”

“He just misspoke,” said one Biden adviser. “The way Biden usually tells the story, he says Eastland didn’t call him ‘senator,’ he called him ‘son,’ ” the adviser said. “Eastland called him ‘boy’ and ‘son’ also. This was Eastland’s way of diminishing young senators.”

In the campaign statement Thursday, Biden’s national press secretary, Jamal Brown, said Biden’s “strong support for equal housing, equal education and equal job opportunities were clear to all Delawareans in the 1970s.”

Biden sought to ensure that black students received “the resources necessary to deliver the quality education they deserved,” he said.

Brown added that throughout his public life, Biden “fought the institutional problems that created de facto segregated school systems and neighborhoods in the first place: redlining, school lines drawn to keep races and classes separate and housing patterns and discrimination.”

Almost the entire Democratic field is set to attend a fish fry Friday night hosted by House Majority Whip James Clyburn, a leading black figure in the state and one who has remained supportive of Biden.

It would be the first public appearance Biden is making with the same Democratic presidential hopefuls who have heaped criticism on him for the comment.

In demanding an apology, Booker said Wednesday that Biden’s “relationships with proud segregationists are not the model for how we make America a safer and more inclusive place for black people, and for everyone.”

Asked about Booker’s remarks by reporters, Biden declined to offer an apology and instead demanded one from Booker. The two men later spoke privately.

“Cory shared directly what he said publicly — including helping Vice President Biden understand why the word ‘boy’ is painful to so many,” said Sabrina Singh, a Booker campaign spokeswoman. “Cory believes that Vice President Biden should take responsibility for what he said and apologize to those who were hurt.”

Biden’s campaign would not elaborate on the call, but it is clear the topic could linger over the coming days.

Biden has scheduled a sit-down interview with MSNBC, his campaign has been sending out talking points to surrogates, and some black supporters are eager to hear the former vice president offer a fuller explanation.

“I think he’s got to address it head on and show people what his line of thinking was,” said Antjuan Seawright, a Democratic strategist in South Carolina who is close with Biden’s team. “I don’t think they need to get off course with their strategy. I just think they have to address it as it comes up and move on.”

Other Biden supporters, however, think he’s taking just the right approach and standing by his long-held beliefs.

I encouraged campaign staff that I know to say: ‘Don’t back off on this. This is precisely why you’re the right guy in the right place at the right time.’ And I was glad to see that he didn’t,” said Dave O’Brien, a longtime Biden supporter in Cedar Rapids, Iowa.

“You know that some of the other issues, he’s got to evolve with the times, which he has,” O’Brien added. “But there are points where you need to make a stand, so I was very glad to see him not back off on this issue.”

https://www.inquirer.com/politics/nation/joe-biden-james-eastland-segregation-democratic-primary-20190621.htmlPosted: June 20, 2019 – 10:59 PM

Biden not apologizing for remarks on segregationist senators

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Democratic presidential candidate, former Vice President Joe Biden, speaks at the Poor People’s Moral Action Congress presidential forum in Washington, Monday, June 17, 2019. (AP Photo/Susan Walsh)

Joe Biden refused calls to apologize Wednesday for saying that the Senate “got things done” with “civility” even when the body included segregationists with whom he disagreed.

His rivals for the Democratic presidential nomination, including the two major black candidates in the contest, roundly criticized Biden’s comments. But Biden didn’t back down and was particularly defiant in the face of criticism from New Jersey Sen. Cory Booker, who said the former vice president should apologize for his remarks.

Biden countered that it was Booker who should apologize because the senator “should know better” than to question his commitment to civil rights.

“There’s not a racist bone in my body,” Biden said. “I’ve been involved in civil rights my whole career.”

Speaking on CNN, Booker responded: “I was raised to speak truth to power and that I shall never apologize for doing that. And Vice President Biden shouldn’t need this lesson.”

The firestorm is quickly becoming one of the most intense disputes of the Democratic presidential primary, underscoring the hazards for Biden as he tries to turn his decades of Washington experience into an advantage. Instead, he’s infuriating Democrats who say he’s out of step with the diverse party of the 21st century and potentially undermining his argument that he’s the most electable candidate in the race.

The controversy began at a New York fundraiser Tuesday when Biden pointed to long-dead segregationist senators James Eastland of Mississippi and Herman Talmadge of Georgia to argue that Washington functioned more smoothly a generation ago than under today’s “broken” hyperpartisanship.

“We didn’t agree on much of anything,” Biden said of the two men, who were prominent senators when Biden was elected in 1972. Biden described Talmadge as “one of the meanest guys I ever knew” and said Eastland called him “son,” though not “boy,” a reference to the racist way many whites addressed black men at the time.

Yet even in that Senate, Biden said, “At least there was some civility. We got things done.”

A pile on from Biden’s rivals quickly ensued. Booker said he was disappointed by Biden’s remarks.

“I have to tell Vice President Biden, as someone I respect, that he is wrong for using his relationships with Eastland and Talmadge as examples of how to bring our country together,” said Booker, who is African American.

New York City Mayor Bill de Blasio, a fellow Democratic presidential candidate and a white man who is married to a black woman, tweeted: “It’s 2019 & @JoeBiden is longing for the good old days of ‘civility’ typified by James Eastland. Eastland thought my multiracial family should be illegal.”

California Sen. Kamala Harris, a black presidential candidate, said Biden was “coddling” segregationists in a way that “suggests to me that he doesn’t understand … the dark history of our country” — a characterization Biden’s campaign rejects.

Former Texas Rep. Beto O’Rourke, another 2020 candidate, said, “For the vice president to somehow say that what we’re seeing in this country today is a function of partisanship or a lack of bipartisanship completely ignores the legacy of slavery and the active suppression of African Americans and communities of color right now.”

The tumult comes at a crucial point in the campaign. Biden is still recovering from controversy he sparked earlier this month when he angered many Democrats by saying he didn’t support federal taxpayer money supporting abortion. He later reversed his position.

He’s among the more than 20 candidates who will descend on South Carolina this weekend to make their case to black voters at a series of Democratic events.

Meanwhile, most Democratic White House hopefuls will again gather in Miami next week for the first presidential debate of the primary season. Biden will almost certainly come under fire there for his comments this week.

He sought to defuse the tension on Wednesday by saying he was trying to argue that leaders sometimes have to work with people they disagree with to achieve goals, such as renewing the Voting Rights Act.

“The point I’m making is you don’t have to agree. You don’t have to like the people in terms of their views,” he said Wednesday. “But you just simply make the case and you beat them without changing the system.”

He has received support from some black leaders. Cedric Richmond, Biden’s campaign co-chairman and former Congressional Black Caucus chairman, said Biden’s opponents deliberately ignored the full context of his argument for a more functional government.

“Maybe there’s a better way to say it, but we have to work with people, and that’s a fact,” Richmond said, noting he dealt recently with President Donald Trump to pass a long-sought criminal justice overhaul. “I question (Trump’s) racial sensitivity, a whole bunch of things about his character … but we worked together.”

Likewise, Richmond said, Biden mentioned Jim Crow-era senators to emphasize the depths of disagreements elected officials sometimes navigate. “If he gets elected president, we don’t have 60 votes in the Senate” to overcome filibusters, Richmond noted. “He could be less genuine and say, ‘We’re just going to do all these things.’ But we already have a president like that. (Biden) knows we have to build consensus.”

Biden also drew a qualified defense from Republican Sen. Tim Scott of South Carolina, the only black senator from his party. Scott said that Biden “should have used a different group of senators” to make his point but that his remarks “have nothing to do with his position on race” issues. Scott said the reaction reflects an intense environment for Democrats in which the desire to defeat Trump means “anything the front-runner says that is off by a little bit” will be magnified.

https://apnews.com/5b57473cfcda44e4b35c8a40759a26fc

The gloves come off in the Democratic primary

This was the week that the battle for the nomination got real.

The tenor of the Democratic presidential primary has verged on courteous from the start: To the extent that Democrats went after Joe Biden, it was usually not by name. And Bernie Sanders and Elizabeth Warren kept their rivalry decidedly civil.

This week, with the first debates of the election season days away, the gentility came to an end.

Biden’s remarks at a New York fundraiser that “at least there was some civility” when he worked with segregationists in the Senate unleashed a torrent of criticism from his rivals and the left. And a story in POLITICO about centrists coming around to Warren as an “anybody but Bernie” alternative set off Sanders and his allies.

“We knew the primary wouldn’t be all puppies and rainbows forever,” said Ben LaBolt, a former adviser to Barack Obama. “And as the debates approach you can see a new dynamic emerging.”

The reaction from Biden’s rivals to his comments was fierce.

New York Mayor Bill de Blasio, whose wife is African American, noted that one of the segregationists Biden invoked, James Eastland of Mississippi, would have outlawed his marriage. Sen. Cory Booker, who is black, took offense that Biden seemed to make light of Eastland calling him “son” but not “boy.”

“You don’t joke about calling black men ‘boys’,” Booker said.

Booker called on Biden to apologize but Biden took a different path. Outside a fundraiser Wednesday night, a defiant Biden said he had nothing to be sorry for and that it’s Booker who should apologize for questioning someone without “a racist bone in my body.”

“He knows better,” Biden said.

The crossfire marked some of the most direct and intense exchanges so far of the 2020 primary campaign. And it signals that with less than a week until the first televised debate, the field is done tiptoeing around.

“Running for president is no tea party. It’s a battle. And it is customary for candidates to begin to engage at this stage. The polite preliminaries are over,” said Democratic strategist and former Obama hand David Axelrod. “And since there is generally broad agreement on issues, if not solutions, the disputes necessarily turn on other things.”

In a separate episode, Sanders dispatched a tweet that was viewed as a sideswipe of Warren.

“The cat is out of the bag. The corporate wing of the Democratic Party is publicly ‘anybody but Bernie,’” Sanders wrote on Twitter, sharing a POLITICO storyheadlined: “Warren emerges as potential compromise nominee.”

Sanders faced his own backlash over the remark.

“If we had a multi-party parliament, it’d be pretty normal for Sanders and Warren to campaign against each other for leadership in a Social Democratic Party. That said, I still find this move pretty dissapointing [sic] and unnecessary. Draw contrasts if you want, but not like this,” tweeted Waleed Shadid, communications director of the progressive group Justice Democrats.

Shadid later noted that Sanders on CNN said his remark was targeted at the moderate think tank Third Way, and not Warren.

Still, the escalating tensions come as Warren is gaining on Sanders in polls. She leapfrogged him in recent surveys in Nevada and California. And a Monmouth University poll released Wednesday showed Warren and Sanders virtually tied for second, with Warren, at 15 percent, gaining five points in one month. Biden still led the field at 32 percent.

“Biden’s numbers have held up higher than expected and a number of challengers are going after his gaffes more aggressively than before,” LaBolt said. “Warren has begun eating into Bernie’s numbers and he is trying to fend her off.”

Still, one Democratic veteran of the 2016 campaign, ex-Sanders adviser Mark Longabaugh, said the current tangles are nothing like what he experienced in that campaign. There’s plenty of time for it to get there, but it hasn’t happened yet.

“I don’t know if the gloves are off. I think the gloves may be getting a little loose — pulling out the fingertips to take the gloves off.” Longabaugh said. “Having been through the 2015-16 experience, I gotta tell ya, that was much more combative than anything you’ve seen in this race — not anything close.”

Not far from anyone’s mind are the first debates in Miami on Wednesday and Thursday next week.

“While this type of engagement is expected,” LaBolt said, “candidates should be careful not to cross any lines that could significantly damage potential nominees for the general.”

https://www.politico.com/story/2019/06/20/2020-election-democratic-primary-1373202

 

 

Part 2– Story 4: President Trump Pushes All The Right Buttons in 2020 Stump Speech in Orlando, Florida –Send Them Home — Lock Them Up — Four More Years — Videos

TRUMP 2020: President Trump Re-Election Campaign Rally – FULL SPEECH

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With Florida rally, Trump aims for a 2020 campaign ‘reset’

Trump to launch 2020 re-election bid in Florida

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Crowds grow for Trump rally in Orlando

People are lining up for President Trump’s event on Tuesday

THE PRESIDENT IS BACK: President Trump Returns From MASSIVE Orlando Rally

The Memo: Can Trump run as an outsider?

President Trump is running for reelection as an outsider candidate. But it’s a knotty challenge for someone who holds the world’s most powerful office.

Trump’s speech in Orlando, Fla., on Tuesday, which officially launched his 2020 bid, was rife with rhetoric portraying himself — and by extension his supporters — as victims of nefarious elites.

The president said that he and his allies were besieged by a “permanent political class” and “an unholy alliance of lobbyists and donors and special interests.”

“Our patriotic movement has been under assault from the very first day,” Trump insisted at one point. Moments before, he told the crowd, “the swamp is fighting back so viciously and violently.”

It’s the kind of language that makes Democrats roll their eyes. Trump, they note, is a billionaire property developer, born into wealth, who won the presidency on his first attempt — yet he portrays himself as the tribune of “the forgotten men and women of our country” whom he invoked in his January 2017 inaugural address.

But Trump’s unconventionality might, in itself, help him retain some kind of outsider cachet in a way that is unusual for an incumbent president.

“For any other president, yes, it is a challenge,” said Alex Conant, a Republican strategist who worked for Sen. Marco Rubio (R-Fla.) in the 2016 presidential primaries.

“But Trump is unlike any other president. Trump has been at war with the establishment since the moment he set foot in the White House,” he said.

It is certainly true that Trump was viewed with suspicion by the Republican Party from the time he began his presidential run — and that his language and attitudes are viewed with distaste by much of the Beltway political class.

But dislike for Trump’s personal antics is hardly confined to D.C. elites.

A Pew Research Center poll in March showed pluralities of the public believing that he was not “trustworthy,” “even-tempered” or “well-informed.”

For all Trump’s supposed concern with less affluent Americans, 56 percent of the respondents in the Pew poll said they did not believe he cared about “people like me,” whereas just 40 percent said he did care.

The GOP has largely made peace with him, with former rivals including Sens. Lindsey Graham (S.C.) and Rand Paul (Ky.) becoming enthusiastic supporters, congressional dissenters such as former Rep. Mark Sanford(R-S.C.) having been defeated in primaries and Trump now in firm control of the party apparatus.

Skeptics also point to both policies and personnel — from the steep cut in the corporate tax rate in 2017 to the 16-month run of the ethically challenged Scott Pruitt as head of the Environmental Protection Agency — as evidence that the swamp has remained undrained under Trump.

But Trump allies are insistent that the president’s feel for the cultural mores of blue-collar America remains a potent and underrated political weapon.

“He is certainly an outsider to the political establishment. They still don’t get him and he is not coming around to their way of thinking,” said Barry Bennett, who worked as a senior adviser to Trump’s 2016 campaign. “He may live inside the gates but he does not live inside the establishment. … I don’t know anyone who believes he has become some kind of Georgetown socialite.”

Michael Caputo, a longtime Trump friend, insisted, “I have never ever met anyone, any Trump supporter, who believes anything else besides the fact that he’s an outsider.”

There is clearly a political dividend to be gained if Trump can hold onto his outsider image.

In the recent past, voters in presidential elections have often chosen the candidate seen as less steeped in the ways of Washington.

Former President Obama won election twice as a change agent, initially winning the White House as the first black president and then securing a second term over GOP nominee Mitt Romney, the personification of a genteel Republican establishment.

Former President George W. Bush had only a tenuous claim to outsider status, given he was the son of a president — yet his campaign was able to paint then-Sen. John Kerry (D-Mass.) as a creature of Washington in the 2004 presidential election.

Before that, former President Clinton used his down-home Arkansas image as a weapon against an incumbent president, Bush’s father, George H.W Bush, and then won a second term over another GOP establishment favorite, then-Sen. Bob Dole (Kan.).

Independent observers acknowledge that Trump’s style, divisive though it is, could help him be seen as much more of a disruptor even than these recent predecessors.

“It’s almost impossible for an incumbent to run as an outsider, but Trump has held onto that credential,” said Tobe Berkovitz, a Boston University professor who specializes in political communications. “He is parlaying that into how he sees himself — running against the Democrats, the media, the elites.”

Republicans, meanwhile, argue that Trump’s outsider image could be especially useful if Democrats pick former Vice President Joe Biden as their nominee.

Biden, in their telling, is much easier to brand as a creature of Washington given his decades in the Senate. There will be a different challenge if Democrats instead choose one of Biden’s rivals who is a fresher face on the national political scene, such as Sen. Elizabeth Warren (D-Mass.) or Sen Kamala Harris (D-Calif.); or more radical, such as Sen. Bernie Sanders(I-Vt.).

Trump, billionaire Manhattanite though he may be, has long used the idea that he is sneered at by a snobbish elite to his own advantage.

On Tuesday, he told his supporters that Democrats “want to destroy you.”

It was a stark and visceral remark even by Trump’s standards.

But, after his 2016 victory, even his critics can’t be so sure it won’t work.

https://thehill.com/homenews/the-memo/449436-the-memo-can-trump-run-as-an-outsider

A Second Term for What?

Trump can’t win by relitigating 2016 and playing only to his base.

President Donald Trump looks on during a rally at the Amway Center in Orlando, Florida to officially launch his 2020 campaign on June 18.PHOTO: MANDEL NGAN/AGENCE FRANCE-PRESSE/GETTY IMAGES

President Trump announced his campaign for a second term at a rally in Orlando on Tuesday evening that recounted his first-term record and 2016 victory before thousands of rapturous supporters. The only thing missing was an agenda for 2020.

The most striking fact of his speech was how backward looking it was. Every incumbent needs to remind voters of his record, Mr. Trump more than most because the media are so hostile.

Donald Trump Launches Campaign

The President is also right that his opponents have refused to recognize the legitimacy of his election. House Democrats may still try to impeach him for not obstructing an investigation into what wasn’t a conspiracy with Russia. His sense of “grievance,” to quote the media meme about his speech, on that point is entirely justified.

Yet Mr. Trump is asking for four more years, and his preoccupation with vindicating 2016 won’t resonate much beyond his core supporters. Most voters have moved on from 2016, which is why a majority opposes impeachment in every poll. They don’t much care about Mr. Trump’s greatest hits about Hillary Clinton, who alas for the President will not be on the ballot in 2020. They want to know why they should take a risk on Mr. Trump and his volatile character for another term.

This is all the more important given the way his first term has evolved on policy. One paradox is that his main policy successes have come from pursuing a conventional conservative agenda. The failures have been on the issues like trade and immigration that are the most identified with Trumpian disruption.

The economy’s renewed growth spurt came from tax reform, deregulation, liberating energy production and ending the anti-business harassment of the Obama years. His remaking of the judiciary and rebuilding of the military unite Republicans of all stripes. Criminal justice reform was the result of years of spade work on the right and left.

Mr. Trump deserves credit for pursuing all of this despite often ferocious opposition that might have intimidated a different GOP President. That’s true in particular of his withdrawal from the Iran nuclear deal and the Paris climate accord, where U.S. Democratic and media opinion is aligned with Europe’s elites.

On immigration, however, the President missed a chance to strike a deal trading more border security (including his wall) for legalizing Dreamers. He must now confront the asylum crisis at the border with no help from Democrats. On trade, Mr. Trump has disrupted global rules but has put nothing new and stable in their place. Asking voters to believe he’ll do better on these issues in a second term isn’t likely to turn many swing voters his way.

The other paradox of the Trump Presidency is his low approval rating despite a stronger economy. The polls show his approval rating on the economy is above 50% but his overall approval is 44.3% in the Real Clear Politics average. The difference is best explained by Mr. Trump’s polarizing behavior, which has alienated in particular college-educated voters and Republican women. In the latest Wall Street Journal-NBC poll, Mr. Trump is underwater with white college-educated women by a remarkable 20 percentage points.

Mr. Trump may figure he can persuade some of those skeptics by making the Democratic nominee even more unpopular than he is. If the Democrats oblige by nominating Bernie Sanders or Elizabeth Warren, that might be possible. But that is making a bet on the other party’s mistake, and a re-election campaign is typically a referendum on the incumbent.

Which is all the more reason to offer voters something more for a second term. He could put Democrats on the spot for high housing prices and homelessness by talking about restrictive zoning for elites and high property taxes. He could offer to reform higher education by making schools responsible for some of the debt of students who can’t repay loans, or invigorate vocational education to help young people who can’t go to college.

He could package health-care proposals to expand choice, reduce prices and make insurance portable; his administration has already proposed some of them. He could advance his theme of “draining the swamp” by offering ideas to reform the civil service. We’d include entitlement reform, but then Mr. Trump has shown no interest and we don’t believe in political miracles.

This is far from an exhaustive list, and Mr. Trump won’t win as a policy wonk in any case. But Mr. Trump also won’t win by relitigating the 2016 election or playing only to his political base. He needs more than he offered voters on Tuesday night.

Opinion: Countering Trump With Reliability, Not Bold Agenda

Opinion: Countering Trump With Reliability, Not Bold Agenda
A Fox News poll has found that Democrats prefer a “steady” candidate to a “big agenda” candidate. But going up against the scale of Donald Trump will be tough, so how do frontrunners Joe Biden, Bernie Sanders and Elizabeth Warren compare? Image: Getty

‘This election is about you. Your family, your future & the fate of YOUR country’: Trump lays it on the line at 20,000-strong Orlando rally as he kicks off 2020 re-election campaign with his entire family and obligatory digs at ‘Crooked Hillary’

  • The president spent the first half-hour of a Tuesday night rally hammering his old foe Hillary Clinton 
  • Trump said his team wondered if it should hold the rally in a venue which can hold 20,000 people
  • ‘Not only did we fill it up, but we had 120,000 requests… Congratulations!’ the president said to cheers
  • The president’s daughter-in-law, Lara Trump, invited the criticism when she wound up an arena of supporters
  • Husband Eric, who spoke after her, had a crowd of more than 20,000 screaming, ‘CNN Sucks!’ 
  • ‘He loves this country and we, as a family, love this country. We’re going to fight like hell,’ Eric said 
  •  Donald Trump Jr. mocked Joe Biden before the rowdy crowd that waited in the heat and rain for hours
  • ‘He gets up on the stump. It’s so stupid,’ he said, claiming the ex-VP has four-person crowds 

President Trump spent a Tuesday night rally he’d advertised as a 2020 kickoff hammering his old foe Hillary Clinton for acid washing her emails and failing to deliver on her pledge to beat him, while Democrats vying for the party’s nomination now escaped his wrath.

Noting that he’s under constant media scrutiny, Trump said that he’d be sent to the slammer if he ordered aides to destroy potential evidence.

‘But, can you imagine if I got a subpoena, think of this, if I got a subpoena for emails, if I deleted one email like a love note to Melania, it’s the electric chair for Trump,’ he claimed in a campaign speech in Orlando.

Trump said subpoenas he’s receiving are not about Democratic claims that his campaign may have colluded with Russia.

‘The Democrats don’t care about Russia, they only care about their own political power. They went after my family, my business, my finances, my employees, almost everyone that I’ve ever known or worked with,’ he argued. ‘But they are really going after you. That’s what it’s all about. It’s not about us, it’s about you. They tried to erase your vote, erase your legacy of the greatest campaign and the greatest election probably in the history of our country.’

U.S. President Donald Trump and first lady Melania Trump arrive on stage to formally kick off his re-election bid with a campaign rally in Orlando. He kicked off first official 2020 rally by claiming 120,000 people submitted requests to attend

U.S. President Donald Trump and first lady Melania Trump arrive on stage to formally kick off his re-election bid with a campaign rally in Orlando. He kicked off first official 2020 rally by claiming 120,000 people submitted requests to attend
First lady Melania Trump speaks as Trump looks on. Trump's first official campaign rally of 2020 opened much the way his 2016 candidacy ended - with his audience chanting 'Lock her Up!' in a slam on former Democratic opponent Hillary Clinton

First lady Melania Trump speaks as Trump looks on. Trump’s first official campaign rally of 2020 opened much the way his 2016 candidacy ended – with his audience chanting ‘Lock her Up!’ in a slam on former Democratic opponent Hillary Clinton

Trump's campaign turned the area outside the arena that can seat 20,000 people into a festival-like atmosphere with music and food trucks to help supporters pass the time

Trump’s campaign turned the area outside the arena that can seat 20,000 people into a festival-like atmosphere with music and food trucks to help supporters pass the time

Michael Boulos, Tiffany Trump, Lara Trump, Eric Trump, Jared Kushner, Ivanka Trump, Kimberly Guilfoyle, and Donald Trump Jr. arrive at a rally for US President Donald Trump

FLOTUS Melania introduces her husband at Trump 2020 rally

The president said, ‘They wanted to deny you the future you demanded and the future that America deserved and that now America is getting. Our radical Democrat opponents are driven by hatred, prejudice and rage. They want to destroy you, and they want to destroy our country as we know it. Not acceptable, it’s not going to happen. Not gonna happen.’

Trump claimed that Democrats as a party would use the ‘power of the law to punish their opponents’ if they’re handed the reigns to the country.

‘Imagine if we had a Democrat president and a Democrat Congress in 2020. They would shut down your free speech, use the power of the law to punish their opponents – which they’re trying to do now anyway – they’ll always be trying to shield themselves,’ he claimed. ‘They will strip Americans of their Constitutional rights while flooding the country with illegal immigrants in the hopes it will expand their political base and they’ll get votes someplace down the future. That’s what it’s about.’

Broad attacks on the Democratic Party and ‘radical socialism’ were the most stringent assaults that Trump would levy all night.

He said, ‘More than 120 Democrats in Congress have also signed up to support “Crazy Bernie Sanders” socialist government takeover of health care.

‘He seems not to be doing too well lately,’ the president said as an aside. ‘They want to end Medicare as we know it and terminate the private health insurance of 180 million Americans who love their health insurance. America will never be a socialist country.’

It was his only mention at the rally of one of his most formidable opponents. Former Democratic President Joe Biden was also a footnote in the speech, earning two mentions, as a part of the ‘Obama-Biden’ duo that Trump said ruined American foreign policy and drove down the nation’s economy.

‘Remember the statement from the previous administration? Would need a magic wand to bring back manufacturing? Well, tell “Sleepy Joe” that we found the magic wand. That’s a sleepy guy,’ the president added.

Trump outlined his vision tweeting: ‘Don’t ever forget – this election is about YOU. It is about YOUR family, YOUR future, & the fate of YOUR COUNTRY. We begin our campaign with the best record, the best results, the best agenda, & the only positive VISION for our Country’s future! #Trump2020’

The Trumps said their family has been under attack since the family patriarch declared his candidacy for president in 2015. Jared Kushner, left, Ivanka Trump arrive for the official launch of the Trump 2020 campaign

The Trumps said their family has been under attack since the family patriarch declared his candidacy for president in 2015. Jared Kushner, left, Ivanka Trump arrive for the official launch of the Trump 2020 campaign

Donald Trump Jr. channeled his attacks to his father’s current opponents, mocking leading Democratic candidate Joe Biden before the rowdy crowd that waited in the heat and rain for hours, and days in some cases, to see the sitting president. Kimberly Guilfoyle, left, and Donald Trump Jr. pictured

Donald Trump Jr. channeled his attacks to his father’s current opponents, mocking leading Democratic candidate Joe Biden before the rowdy crowd that waited in the heat and rain for hours, and days in some cases, to see the sitting president. Kimberly Guilfoyle, left, and Donald Trump Jr. pictured

Senior adviser Jared Kushner, Ivanka Trump and Kimberly Guilfoyle, watch as President Donald Trump speaks at his re-election kickoff rally at the Amway Center

Senior adviser Jared Kushner, Ivanka Trump and Kimberly Guilfoyle, watch as President Donald Trump speaks at his re-election kickoff rally at the Amway Center

Trump rails against Democrats, Mueller and ‘fake news’ at 2020 rally
Trump’s first official campaign rally of 2020 opened much the way his 2016 candidacy ended – with his audience chanting ‘Lock her Up!’ in a slam on former Democratic opponent Clinton.

The president’s daughter-in-law, Lara Trump, invited the criticism first. She wound up an arena of supporters with a claim that the media was saying Clinton was going to be the 45th President of the United States days before the election. ‘They have always been wrong,’ she declared.

Attacks on the media as ‘fake news’ and ‘dishonest’ from Lara and her husband Eric, who spoke after her, had a crowd of more than 20,000 screaming ‘CNN Sucks!’ minutes later.

The Trumps said their family has been under attack from one group or another since the family patriarch declared his candidacy for president in 2015.

‘He loves this country and we, as a family, love this country. And guys we are going to fight like hell – our family is going to fight like hell for this country. We will never ever stop fighting, and we will never ever, ever stop winning,’ the president’s son said. ‘And guys, we love you very much. We’re all going to be spending a lot of time in Florida. We’re going to be spending a lot of time in Florida. So we’re going to see you.’

Donald Trump Jr. channeled his attacks to his father’s current opponents, mocking Biden before the rowdy crowd that waited in the heat and rain for hours, and days in some cases, to see the sitting president.

‘I don’t know about you, but I look around this room and when Joe Biden’s putting about seven people in an audience, I’m saying, “I think they may be a little wrong with the polling.” But what they hell do I know?’ he said.

National polls show Biden beating Trump in a general election. A Quinnipiac University survey that came out Tuesday found that the former vice president would beat Trump by nine points, 50 – 41, the newly-released poll showed.

Vermont Sen. Bernie Sanders would win by a similar margin, 48 – 42, while other top Democrats would perform in the poll’s margin of error.

Trump campaign manager Brad Parscale told DailyMail.com inside the rally that Quinnipiac is ‘c**p’ in response to the latest poll showing bad news in a critical swing state for the controversial president.

Trump had already warned the public that this official launch of 2020 campaign would be 'wild,' after supporters camped out in tents for more than 30 hours to save their places at the front of a massive line that would ensure them floor seats

US First Lady Melania Trump greets US Vice President Mike Pence. Trump set the tone for the monster rally in a morning tweet that bashed the media and compared the scene outside the Amway Center to a rock tour

US First Lady Melania Trump greets US Vice President Mike Pence. Trump set the tone for the monster rally in a morning tweet that bashed the media and compared the scene outside the Amway Center to a rock tour

Lara Trump takes to the stage before her father-in-law United States President Donald Trump arrives on stage to announce his candidacy for a second presidential term at the Amway Center

Lara Trump takes to the stage before her father-in-law United States President Donald Trump arrives on stage to announce his candidacy for a second presidential term at the Amway Center

Donald Trump Jr. throws hats to supporters at the rally. He mocked Joe Biden before the rowdy crowd that waited for hours

Donald Trump Jr. throws hats to supporters at the rally. He mocked Joe Biden before the rowdy crowd that waited for hours

Trump attacks Democrats at his Orlando rally
Don Jr. brushed off the threat from Biden, 76, as he campaigned for his father, 73, on Tuesday in Orlando. He called Biden and his competitors a ‘clown show’ and gave the Democrat a new nickname. ‘Sloppy Joe,’ he called him, as he hit Biden for flip-flopping.

‘He gets up on the stump. It’s so stupid,’ he said. ‘To his group of about four people in the audience, “Government has failed you.” Usually, as he’s groping someone. It ain’t pretty, but there’s something off with that guy.’

The president’s son said he agrees that government is broken and it’s a problem. ‘The problem is Joe, you’ve been in government for almost 50 years. If government failed you, maybe you’re the problem Joe Biden,’ he said. ‘It’s not rocket science.’

Trump warned the public that the campaign rally would be ‘wild,’ and Don Jr. helped him deliver on the pledge.

He mocked Biden’s pledge to cure cancer, asking, ‘Why the hell didn’t you do that over the last 50 years, Joe?’

Don Jr. blamed the media for giving Biden a pass. ‘Why did not one of them say, “Well, Joe, how exactly are you going to do that?” And why didn’t you do that in the last eight years as vice president and the prior 40 years in government and the Senate?’

His father later claimed that he’d cure cancer in remarks that followed. ‘We will push onward with new medical frontiers. We will come up with the cures to many, many problems, to many, many diseases, including cancer and others and we’re getting closer all the time,’ he said.

Attacks on Clinton and media were a common theme throughout the night, with Trump pausing and waiting for his supporters to cheer, ‘CNN SUCKS!’ and ‘Lock her Up!’ as he talked about the former secretary of state’s acid-washed emails and her loss to him in the last election.

‘It was all an illegal attempt to overturn the results of our election, spy on our campaign, which is what they did,’ he complained.

Trump meets fans after stepping off Air Force One upon arrival at Miami International Airport in Miami

Trump meets fans after stepping off Air Force One upon arrival at Miami International Airport in Miami

Vice President Mike Pence, escorted in by Karen Pence, speaks before Trump takes the stage on Tuesday evening

A man holds up a sign as the crowd waits for US President Donald Trump to arrive at a rally at the Amway Center in Orlando, Florida to officially launch his 2020 campaign

A man holds up a sign as the crowd waits for US President Donald Trump to arrive at a rally at the Amway Center in Orlando, Florida to officially launch his 2020 campaign

Melania's spokesperson Stephanie Grisham speaks with White House senior advisor Kellyanne Conway at the campaign rally

Melania’s spokesperson Stephanie Grisham speaks with White House senior advisor Kellyanne Conway at the campaign rally

President Trump said as he opened the event that he could feel the ‘magic’ in Orlando – a play on the name of the city’s professional basketball team.

He spoke to supporters in the same arena that the team plays in, which is a venue that can hold roughly 20,000 people.

‘You know, I said, “This is a very big arena for a Tuesday night.” I said, “You know, if we have about three or four empty seats, the fake news will say – headlines: he didn’t fill up the arena.” So I said maybe we shouldn’t take the chance, maybe we shouldn’t go to Orlando, maybe we should go someplace else,’ Trump said in his opening remarks. ‘I said, “No, I think we’ll go to Orlando.” And, not only did we fill it up, but we had 120,000 requests. That means you folks have come out very, very good.’

Supporters camped out in tents for more than 30 hours to save their places at the front of a massive line that would ensure them floor seats at Tuesday evening’s show.

Saundra Kiczenski, a Michigan native who works in retail, waited from 7am on Monday. She said she’d been to rallies in support of the president in 15 states. She spent Monday night on the pavement in a sleeping bag.

‘I took the hotel pillow and slept on the ground,’ she told DailyMail.com on Tuesday afternoon as she waited to get in.

The Republican incumbent set the tone for the monster rally in Florida he’d be appearing at in the evening in a morning tweet that bashed the media and compared the scene outside the Amway Center to a rock tour.

‘The Fake News doesn’t report it, but Republican enthusiasm is at an all time high. Look what is going on in Orlando, Florida, right now! People have never seen anything like it (unless you play a guitar). Going to be wild – See you later!’ he tweeted on Tuesday morning.

A cover band with aging rockers who call themselves ‘The Guzzlers’ revved up the crowd under a beating sun at a ‘festival’ the campaign held in an outdoor parking lot, where vendors sold a captive and cramped group sodas, snow cones and Trump umbrellas.

Sweltering heat that topped 87 degrees soon turned to pouring rain, giving the umbrellas a dual purpose for supporters like Richard Snowden who chose to remain.

A resident of Las Vegas, Nevada, Snowden said he’d be ‘remiss’ to have skipped the kickoff. He told DailyMail.com from the comfort of a party-style tent his group had pitched that he’d attended 54 rallies since Trump announced his candidacy for office in 2015.

But even Snowden called himself a pragmatist and said of the president’s reelection odds, ‘I don’t think it’s going to be a cakewalk.’

‘The incumbency will help. He won’t catch them flat-footed this time,’ he observed, as he waited for the rally to begin. ‘And he won’t have the dislike of Hillary working in his favor,’ he said in remarks that proved to prescient.

The Republican incumbent set the tone for the monster rally in Florida he'd be appearing at in the evening in a morning tweet that bashed the media and compared the scene outside the Amway Center to a rock tour

 

The US President and First Lady Melania Trump are pictured stepping off Air Force One upon arrival at Orlando International Airport in Orlando, Florida Tuesday

The US President and First Lady Melania Trump are pictured stepping off Air Force One upon arrival at Orlando International Airport in Orlando, Florida Tuesday

Special advisor to the US president Jared Kushner and White House Press Secretary Sarah Huckabee Sanders wait for the arrival of US President Donald Trump and First Lady Melania Trump at Orlando International Airport

Michael Boulos and Tiffany Trump wait for the arrival of US President Donald Trump and First Lady Melania Trump at Orlando International Airport in Orlando

Special advisor to the US president Jared Kushner and White House Press Secretary Sarah Huckabee Sanders, left, and Michael Boulos and Tiffany Trump, right, wait for the arrival of US President Donald Trump and First Lady Melania Trump at Orlando International Airport on Tuesday

Donald Trump is putting an advisory on his Orlando rally, saying the official launch of 2020 campaign will be 'wild,' after supporters camped out in tents to save their places in line like they were waiting in line for a free concert with Rihanna

Donald Trump is putting an advisory on his Orlando rally, saying the official launch of 2020 campaign will be ‘wild,’ after supporters camped out in tents to save their places in line like they were waiting in line for a free concert with Rihanna

Supporters of President Donald Trump wait in line hours before the arena doors open for a campaign rally Tuesday

Supporters of President Donald Trump wait in line hours before the arena doors open for a campaign rally Tuesday

Patriotic colors: Trump supporters came in red white and blue for the campaign kick-off

Patriotic colors: Trump supporters came in red white and blue for the campaign kick-off

Determined: The early start was an attempt by the fanatical Trump backers to be at the front of the crowd for the campaign kick-off

Determined: The early start was an attempt by the fanatical Trump backers to be at the front of the crowd for the campaign kick-off

https://www.dailymail.co.uk/news/article-7156179/Trumps-2020-kickoff-features-media-bashing-attacks-Joe-Biden-old-foe-Hillary-Clinton.html

 

Trump, in 2020 campaign mode, calls Democrats ‘radical’

today

President Donald Trump jabbed at the press and poked the political establishment he ran against in 2016 as he kicked off his reelection campaign with a grievance-filled rally focused more on settling scores than laying out his agenda for a possible second term.

Addressing a crowd of thousands at Orlando’s Amway Center on Tuesday night, Trump complained he was “under assault from the very first day” of his presidency by a “fake news media” and an “illegal witch hunt” that had tried to keep him and his supporters down.

He painted a disturbing picture of what life would look like if he loses in 2020, accusing his critics of “un-American conduct” and saying Democrats “want to destroy you and they want to destroy our country as we know it.”

“A vote for any Democrat in 2020 is a vote for the rise of radical socialism and the destruction of the American dream,” he said. Trump made only passing mention of any of the Democrats running to replace him even as he tossed out “radical” and “unhinged” to describe the rival party.

Trump has long railed against the special counsel’s investigation into Russian meddling in the 2016 election and the ongoing probes by House Democrats in the aftermath of Robert Mueller’s report .

President Donald Trump officially kicked off his re-election campaign Tuesday with a grievance-filled Florida rally. "We're going to keep it better than ever before," he declared. (June 18)

The apocalyptic language and finger-pointing made clear that Trump’s 2020 campaign will probably look a whole lot like his run three years ago. Even after two-and-a-half years in the Oval Office, Trump remains focused on energizing his base and offering himself as a political outsider running against Washington.

Republican Party Chairwoman Ronna McDaniel tweeted Wednesday morning that Trump had raised $24.8 million in less than 24 hours for his reelection.

In his speech, Trump spent considerably more time focused on former Democratic rival Hillary Clinton than on his current 2020 challengers, even though she is not on the ballot.

Thousands of Trump supporters began gathering outside the arena on Monday.

“Trump has been the best president we’ve ever had,” said Ron Freitas, a retired Merchant Marine and registered Democrat from Orlando.

Hundreds of anti-Trump protesters clapped and took photos when a 20-foot (6-meter) blimp of a snarling Trump baby in a diaper was inflated. Some members of the far-right hate group Proud Boys were also spotted marching outside the rally.

Trump aides scheduled the kickoff near the four-year anniversary of the day when the former reality television star and New York tabloid fixture launched his longshot campaign for president with a famous escalator ride in front of a crowd that included paid actors.

Trump spoke fondly of his 2016 race, calling it “a defining moment in American history.” He said that in the years since, he had upended Washington, staring down “a corrupt and broken political establishment” and restoring a government “of, for and by the people.”

He never has really stopped running. He filed for reelection on Jan. 20, 2017, the day of his inauguration, and held his first 2020 rally in February, 2017, in nearby Melbourne. He has continued holding his signature “Make America Great Again” rallies in the months since.

Trump asked the crowd whether he should stick with “Make America Great Again” or upgrade his slogan. His new one — “Keep America Great” — was greeted with boisterous cheers.

Trump is hoping to replicate the dynamics that allowed him to take charge of the Republican Party and then the presidency as an insurgent intent on disrupting the status quo. In 2016, he successfully appealed to disaffected voters who felt left behind by economic dislocation and demographic shifts. He has no intention of abandoning that mantle, even if he is the face of the institutions he looks to disrupt.

The president underscored that on the eve of the rally in must-win Florida, returning to the hardline immigration themes of his first campaign by tweeting that next week, Immigration and Customs Enforcement “will begin the process of removing the millions of illegal aliens who have illicitly found their way into the United States.”

That promise, which came with no details and sparked Democratic condemnation, seemed to offer a peek into a campaign that will largely be fought along the same lines as his first bid, with very few new policy proposals for a second term.

Early Democratic front-runner Joe Biden said Trump’s politics are “all about dividing us” in ways that are “dangerous — truly, truly dangerous.”

Another leading Democratic contender, Vermont Sen. Bernie Sanders, said Trump had delivered “an hour-and-a-half speech of lies, distortions and total, absolute nonsense.”

But those involved in the president’s reelection effort believe his version of populism, combined with his mantra to “Drain the Swamp,” still resonates, despite his administration’s ties with lobbyists and corporations and the Trump family’s apparent efforts to profit off the presidency.Critics have pointed out his constant promotion for his golf courses, both at home and abroad, and note that this daughter, White House senior aide Ivanka Trump, made $4 million last year from her stake in the president’s Washington hotel, which has become a favored destination for foreign nationals looking to curry favor with the administration.

Advisers believe that, in an age of extreme polarization, many Trump backers view their support for the president as part of their identity, one not easily shaken. They point to his seemingly unmovable support with his base supporters as evidence that he is still viewed the same way he was as a candidate: a political rebel.

Trump tried to make the case that he had made good on his 2016 promises, including cracking down on illegal immigration and boosting jobs.

Near the rally’s end, Trump ran through a list of promises for a second term, pledging a new immigration system, new trade deals, a health care overhaul and a cure for cancer and “many diseases,” including eradicating AIDS in America.

https://apnews.com/947182a691e6498ca4488e9fc8f9e4b5

President Trump spent a Tuesday night rally he’d advertised as a 2020 kickoff hammering his old foe Hillary Clinton for acid washing her emails and failing to deliver on her pledge to beat him, while Democrats vying for the party’s nomination now escaped his wrath.

Noting that he’s under constant media scrutiny, Trump said that he’d be sent to the slammer if he ordered aides to destroy potential evidence.

‘But, can you imagine if I got a subpoena, think of this, if I got a subpoena for emails, if I deleted one email like a love note to Melania, it’s the electric chair for Trump,’ he claimed in a campaign speech in Orlando.

Trump said subpoenas he’s receiving are not about Democratic claims that his campaign may have colluded with Russia.

 

A sunshine state of mind! Melania and Donald Trump gaze lovingly at one another as they leave the White House hand-in-hand and head to Florida for the president’s 2020 rally

  • Trump, 73, and Melania, 49, departed the White House together on Tuesday to fly to Florida
  • The President will be officially launching his 2020 campaign with a rally at the Amway Center
  • The first lady wore a summery $2,290 white eyelet Andrew Gin dress with a pair of red and white polka-dot heels
  • She grinned at her husband as they walked hand-in-hand to Marine One
  • Melania is not expected to speak at the event, which will include an estimated 20,000 people

Donald and Melania Trump had a rare romantic public moment on Tuesday as the two left the White House for Orlando, Florida.

The President and first lady walked hand-in-hand across the South Lawn of the White House before boarding Marine One on their way to Trump’s 2020 campaign kickoff rally.

Cameras caught the couple sharing a warm smile as they held onto each other, Trump, 73, dressed in a navy suit and red tie and his 49-year-old wife took advantage of the June heat in a $2,290 summery white eyelet dress from Andrew Gin, and red polka-dot heels.

All smiles: Donald and Melania Trump held hands and beamed at one another as they walked across the White House lawn to begin their trip to Orlando, Florida, on Tuesday

All smiles: Donald and Melania Trump held hands and beamed at one another as they walked across the White House lawn to begin their trip to Orlando, Florida, on Tuesday

Ready to get away! The 49-year-old first lady couldn't wipe the smile off her face as she and the president strolled across the South Lawn

Ready to get away! The 49-year-old first lady couldn’t wipe the smile off her face as she and the president strolled across the South Lawn

On their way: They appeared to be in good spirits as they set out for Orlando, Florida+19

On their way: They appeared to be in good spirits as they set out for Orlando, Florida

Hands on: At one point, Trump clasped one of Melania's hands in both of his own+19

Hands on: At one point, Trump clasped one of Melania’s hands in both of his own

The couple isn’t typically much for PDA but shared an intimate smile as they walked passed photographers.

They held each other’s hands, with Trump stopping at one point in order to clasp Melania’s left hand in both of his own.

Melania beat the heat, which is hovering in the mid-to-high 80s in Washington, D.C. today, in a breezy but figure-flaunting white sleeveless dress, which featured a seasonally appropriate eyelet patter with floral cutouts on the top.

She accessorized with a pair of dark sunglasses and red and white pointy-toe pumps. while wearing her brown hair blown out around her shoulders.

The couple, who married in 2005, celebrated their 14th wedding anniversary in January, just one year less than he was married to his first wife Ivana.

The couple grinned as they boarded Marine One and then switched planes for Air Force One at Andrews Air Force Base in Maryland.

Hot out here: Melania wore a summery white eyelet dress for the occasion, as temperatures soared into the high 80s+19

Hot out here: Melania wore a summery white eyelet dress for the occasion, as temperatures soared into the high 80s

Protection: She shielded her eyes behind a pair of sunglasses+19

Protection: She shielded her eyes behind a pair of sunglasses

High heels: On her feet were a pair of red polka dot pointy-toe pumps+19

High heels: On her feet were a pair of red polka dot pointy-toe pumps

Ready to go: The well-coiffed first lady had her hair and nails done+19

Ready to go: The well-coiffed first lady had her hair and nails done

They’re flying down not to Mar-a-Lago but Orlando, where Trump is kicking off his 2020 presidential campaign at the Amway Center in front of an estimated 20,000 people.

Trump’s campaign is transforming the area outside the arena to have a festival-like atmosphere, with music and food trucks to help supporters pass the time.

The most coveted positions are not seats at all, but standing positions near the front of the stage. Backers of the president in that area are likely to get a handshake, a selfie or Trump’s autograph at the event that formally marks the beginning of his campaign for a second term.

All of Trump’s children and his wife Melania will be with him at the event, sources told DailyMail.com, as will the Mike Pence, the president’s running mate and the nation’s vice president.

The first lady does not plan to make formal remarks on Tuesday night, her office said, but given the president’s tendency to call on people to speak, she could end up addressing the crowd.

Donald Trump, Jr., on the other hand is expected to give remarks before the rally.

Beat the heat: Melania kept breezy in the lightweight dress+19

It will likely also serve her well in the Florida heat+19

Beat the heat: Melania kept breezy in the lightweight dress, which will likely also serve her well in the Florida heat

Staying behind: The first lady does not plan to make formal remarks on Tuesday night, her office said+19

Staying behind: The first lady does not plan to make formal remarks on Tuesday night, her office said

Change of plan? The couple's 13-year-old son Barron is also expected to be at the rally, but was not seen traveling with them+19

Change of plan? The couple’s 13-year-old son Barron is also expected to be at the rally, but was not seen traveling with them

Family affair: Trump's adult children — Ivanka, Don Jr., Eric, and Tiffany — are also expected to be there+19

Family affair: Trump’s adult children — Ivanka, Don Jr., Eric, and Tiffany — are also expected to be there

Melania continued to smile at her husband as they switched planes at Joint Base Andrews+19

Melania continued to smile at her husband as they switched planes at Joint Base Andrews

See ya! Trump waved goodbye as they boarded the plane together+19

See ya! Trump waved goodbye as they boarded the plane together

The president’s eldest son is a frequent presence at campaign events — with and without his father — and often serves as a warm-up act for the president’s supporters. He’s also campaigned and raised money for other Republican candidates since his father entered politics.

His girlfriend Kimberly Guilfoyle, a former Fox News personality, is also scheduled to be at the rally. She serves as a senior adviser to the president’s reelection campaign.

Senior advisers and family members to the president Jared Kushner and Ivanka Trump are also expected to be at the rally.

It’s unclear if Lara Trump, wife of Eric Trump, will be in Orlando. She serves as a senior adviser to the president’s campaign, but is also pregnant with the couple’s second child. She made a state trip to the UK in early June.

It will be 13-year-old Barron Trump’s first appearance at a campaign rally since his father took office.

Trump’s youngest daughter Tiffany, who has been less involved than her older siblings in her father’s campaigns and administration, will also be there.

Orlando Trump supporters stakeout spots ahead of rally

Waiting for him: The rally will mark the official launch of 2020 campaign+19

Waiting for him: The rally will mark the official launch of 2020 campaign

Patience: Supporters waited in line hours before the arena doors opened on Tuesday+19

Patience: Supporters waited in line hours before the arena doors opened on Tuesday

Patriotic colors: Trump supporters came in red white and blue for the campaign kick-off

Wild: The Republican incumbent set the tone in a morning tweet that bashed the media and compared the scene outside the Amway Center to a rock tour

President Trump release his 2020 campaign ad for re-election

The Republican incumbent set the tone for the monster rally in Florida he’d be appearing at this evening in a morning tweet that bashed the media and compared the scene outside the Amway Center to a rock tour.

‘The Fake News doesn’t report it, but Republican enthusiasm is at an all time high. Look what is going on in Orlando, Florida, right now! People have never seen anything like it (unless you play a guitar). Going to be wild – See you later!’ he said.

Trump had apparently dropped a claim that ‘thousands’ turned up on Monday, with about 250 people camping overnight. But the numbers grew steadily as temperatures soared in Orlando Tuesday, reaching 87 degrees before an hour-long downpour that soaked a waiting crowd.

A new Quinnipiac poll showed Trump losing Florida to Democratic nemesis Joe Biden. The former vice president would beat Trump by nine points, 50 – 41 per cent, the newly-released survey showed.

Vermont Sen. Bernie Sanders would win by a similar margin, 48 – 42, while other top Democrats would perform in the poll’s margin of error

https://www.dailymail.co.uk/femail/article-7155853/Melania-Trump-smiles-warmly-husband-depart-Orlando-campaign-kickoff-rally.html

 

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The Pronk Pops Show 1261, May 21, 2019, Story 1: Do Not Believe The Poll That 43% of Americans Believe That Socialism Would Be A Good Thing — More Capitalism and Less Socialism Would Be Excellent –Videos — Story 2: Progressive Socialist Democrats Want To Impeach Trump — Please Do and Lose — From Collusion Delusion To Obstruction Delusion To Democrats Destruction — Game Set Match — Videos

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Democratic Socialism is Still Socialism

Capitalism vs. Socialism

How Socialism Ruined My Country

Is Denmark Socialist?

Socialists and Other Grotesque Ingrates | Thomas E. Woods, Jr.

Socialism Makes People Selfish

Free Market Masters: Ludwig von Mises

Hayek on Socialism

Ludwig von Mises Speaks: Socialism versus Free Market Exchange (1970)

The Impossibility of Economic Calculation Under Socialism

Ten Things Millennials Should Know About Socialism | Thomas J. DiLorenzo

 

Four in 10 Americans Embrace Some Form of Socialism

Four in 10 Americans Embrace Some Form of Socialism

STORY HIGHLIGHTS

  • 43% of Americans say socialism would be a good thing for the country
  • 51% believe socialism would be a bad thing for the country
  • Americans split on viewing economy as free market or government controlled

WASHINGTON, D.C. — Americans today are more closely divided than they were earlier in the last century when asked whether some form of socialism would be a good or bad thing for the country. While 51% of U.S. adults say socialism would be a bad thing for the country, 43% believe it would be a good thing. Those results contrast with a 1942 Roper/Fortune survey that found 40% describing socialism as a bad thing, 25% a good thing and 34% not having an opinion.

More Americans Now See Socialism as a Good Thing for the Country
Would some form of socialism be a good thing or a bad thing for the country as a whole?
1942 2019 Change
% % pct. pts.
Good thing 25 43 +18
Bad thing 40 51 +11
No opinion 34 6 -28
Net “good thing” -15 -8 +7
Note: 1942 data gathered by Roper Center for Public Opinion Research
GALLUP

The Roper/Fortune survey is one of the oldest trend questions measuring attitudes on socialism in the U.S. Gallup’s update of the question in an April 17-30 survey finds Americans more likely to have an opinion on the matter now, as well as a smaller gap in the percentage calling socialism a bad thing vs. a good thing.

Previous Gallup research shows that Americans’ definition of socialism has changed over the years, with nearly one in four now associating the concept with social equality and 17% associating it with the more classical definition of having some degree of government control over the means of production. A majority of Democrats have said they view socialism positively in Gallup polling since 2010, including 57% in the most recent measure in 2018.

Outlook on Socialism Around the World

The April 17-30 survey also updates another historical question on socialism. Gallup first asked Americans in 1949 about their outlook on the spread of democracy over the next 50 years. At that time, seven in 10 Americans (72%) predicted that most countries in the world would have a democratic government. It’s important to note that in much of the political rhetoric of the time, the terms democracy and capitalism were more intimately intertwined than they are today, perhaps synonymous to many.

Americans’ Views on Future of Democracy and Socialism Globally
During the next 50 years, do you think most of the nations of the world will have a democratic government, a communist government or a socialist government?
1949 2019 Change
% % pct. pts.
Democratic 72 57 -15
Socialist 14 29 +15
Communist 9 6 -3
No opinion 5 8 +3
GALLUP

The current update on this question finds a marked increase in the percentage saying that most countries during the next 50 years will have a socialist government (29%). It is unclear whether this is due to the flourishing of democracies — particularly in Europe and Latin America — led by what are often described as social democrats, or whether a fundamental shift is taking place among some Americans in their views of socialism.

Government vs. Free Market

In the same April survey, Gallup asked Americans whether they would prefer mostly free market or government control over several economic and societal activities. Americans are most likely to prefer free market control in the areas of technological innovation and the distribution of wealth. Majorities also want the free market to drive the economy overall, wages, higher education and healthcare.

Preference for the government to serve as the primarily responsible actor only garners majority support for protecting online consumer privacy and the environment.

Majority Want Free Market to Lead on Many Fronts
Would you prefer to have the free market or the government be primarily responsible for what happens in each of the following areas?
Free market Government Net “free market”
% % pct. pts.
Technological innovation 75 19 +56
The distribution of wealth 68 28 +40
The economy overall 62 33 +29
Wages 62 35 +27
Higher education 56 41 +15
Healthcare 53 44 +9
Protecting consumers’ privacy online 40 57 -17
Environmental protection 30 66 -36
GALLUP, APRIL 17-30, 2019

Notably, more Americans favor free market than government control over healthcare and higher education, two areas in which Democratic politicians have made proposals to greatly expand government involvement. But at least four in 10 Americans appear sympathetic to policies that would increase the government’s role in those areas.

While there is ample support for a market-driven approach to many of the issues cited above, Americans are divided on how they describe the current state of the U.S. economy. When asked whether they think the U.S. economy leans more toward free market control or toward government control, 40% say it leans more toward government control while fewer say it leans toward free market control (34%). One in four describe it as an equal mix.

Stacked bar graph. Americans’ views of the current state of free market versus government control of the economy.

Bottom Line

Americans’ views on socialism are complex. While some recent data can easily lend to overstated conclusions, there are marked changes in Americans’ views of socialism when taking a longer, more historical look at the data. However, exactly what Americans mean by the term is nuanced and multifaceted. While half of Americans consider socialism as bad for the country, nearly two-thirds say that the U.S. economy is more influenced by the government than the free market, or that it reflects an equal mix of the two.

Additionally, while a majority of Democrats view socialism positively, that is not a major change in the eight years Gallup has tracked this metric. The major shift over this time has been the reduced rate of Democrats who now view capitalism positively (47%).

These data alone make it hard to generalize a simplistic conclusion about Americans’ opinions of, and willingness to entertain, socialism. But there are a few clear takeaways. About four in 10 Americans are accepting of some form of socialism or socialist policies, and Democrats currently have a more positive view of socialism than capitalism. In addition, the April survey found that 47% of Americans say they would vote for a socialist candidate for president. While that figure represents nearly half of the U.S. adult population, even higher percentages say they would vote for an atheist (58%) or Muslim (60%) presidential candidate.

However, when they are asked what role they would like to see the government play in certain areas of society, Americans continue to endorse the free market.

Shifting attitudes about socialism, capitalism, and the current economic and political systems in America — as well as what alternatives many see as solutions for current shortcomings — will continue to be a major focus for Gallup.

Learn more about how the Gallup Poll Social Series works.

View complete question responses and trends

Capitalism

From Wikipedia, the free encyclopedia

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Capitalism is an economic system based on the private ownership of the means of production and their operation for profit.[1][2][3][4] Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system, and competitive markets.[5][6] In a capitalist market economy, decision-making and investment are determined by every owner of wealth, property or production ability in financial and capital markets, whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets.[7][8]

Economists, political economists, sociologists and historians have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice. These include laissez-faire or free market capitalism, welfare capitalism and state capitalism. Different forms of capitalism feature varying degrees of free markets, public ownership,[9] obstacles to free competition and state-sanctioned social policies. The degree of competition in markets, the role of intervention and regulation, and the scope of state ownership vary across different models of capitalism.[10][11] The extent to which different markets are free as well as the rules defining private property are matters of politics and policy. Most existing capitalist economies are mixed economies, which combine elements of free markets with state intervention and in some cases economic planning.[12]

Market economies have existed under many forms of government and in many different times, places and cultures. Modern capitalist societies—marked by a universalization of money-based social relations, a consistently large and system-wide class of workers who must work for wages, and a capitalist class which owns the means of production—developed in Western Europe in a process that led to the Industrial Revolution. Capitalist systems with varying degrees of direct government intervention have since become dominant in the Western world and continue to spread. Over time, capitalist countries have experienced consistent economic growth and an increase in the standard of living.

Critics of capitalism argue that it establishes power in the hands of a minority capitalist class that exists through the exploitation of the majority working class and their labor; prioritizes profit over social good, natural resources and the environment; and is an engine of inequality, corruption and economic instabilities. Supporters argue that it provides better products and innovation through competition, disperses wealth to all productive people, promotes pluralism and decentralization of power, creates strong economic growth, and yields productivity and prosperity that greatly benefit society.

Contents

Etymology

Other terms sometimes used for capitalism:

The term “capitalist”, meaning an owner of capital, appears earlier than the term “capitalism” and it dates back to the mid-17th century. “Capitalism” is derived from capital, which evolved from capitale, a late Latin word based on caput, meaning “head”—also the origin of “chattel” and “cattle” in the sense of movable property (only much later to refer only to livestock). Capitale emerged in the 12th to 13th centuries in the sense of referring to funds, stock of merchandise, sum of money or money carrying interest.[24]:232[25][26] By 1283, it was used in the sense of the capital assets of a trading firm and it was frequently interchanged with a number of other words—wealth, money, funds, goods, assets, property and so on.[24]:233

The Hollandische Mercurius uses “capitalists” in 1633 and 1654 to refer to owners of capital.[24]:234 In French, Étienne Clavier referred to capitalistes in 1788,[27] six years before its first recorded English usage by Arthur Young in his work Travels in France (1792).[26][28] In his Principles of Political Economy and Taxation (1817), David Ricardo referred to “the capitalist” many times.[29] Samuel Taylor Coleridge, an English poet, used “capitalist” in his work Table Talk (1823).[30] Pierre-Joseph Proudhon used the term “capitalist” in his first work, What is Property? (1840), to refer to the owners of capital. Benjamin Disraeli used the term “capitalist” in his 1845 work Sybil.[26]

The initial usage of the term “capitalism” in its modern sense has been attributed to Louis Blanc in 1850 (“What I call ‘capitalism’ that is to say the appropriation of capital by some to the exclusion of others”) and Pierre-Joseph Proudhon in 1861 (“Economic and social regime in which capital, the source of income, does not generally belong to those who make it work through their labour”).[24]:237 Karl Marx and Friedrich Engels referred to the “capitalistic system”[31][32] and to the “capitalist mode of production” in Capital (1867).[33] The use of the word “capitalism” in reference to an economic system appears twice in Volume I of Capital, p. 124 (German edition) and in Theories of Surplus Value, tome II, p. 493 (German edition). Marx did not extensively use the form capitalism, but instead those of capitalist and capitalist mode of production, which appear more than 2,600 times in the trilogy The Capital. According to the Oxford English Dictionary (OED), the term “capitalism” first appeared in English in 1854 in the novel The Newcomes by novelist William Makepeace Thackeray, where he meant “having ownership of capital”.[34] Also according to the OED, Carl Adolph Douai, a German American socialist and abolitionist, used the phrase “private capitalism” in 1863.

History

Capitalism in its modern form can be traced to the emergence of agrarian capitalism and mercantilism in the early Renaissance, in city states like Florence.[35] Capital has existed incipiently on a small scale for centuries[36] in the form of merchant, renting and lending activities and occasionally as small-scale industry with some wage labour. Simple commodity exchange and consequently simple commodity production, which are the initial basis for the growth of capital from trade, have a very long history. Classical Islam promulgated capitalist economic policies such as free trade and banking. Their use of Indo-Arabic numerals facilitated bookkeeping. These innovations migrated to Europe through trade partners in cities such as Venice and Pisa. The Italian mathematician Fibonacci traveled the Mediterranean talking to Arab traders, and returned to popularize the use of Indo-Arabic numerals in Europe.[37]

Capital and commercial trade thus existed for much of history, but it did not lead to industrialisation or dominate the production process of society. That required a set of conditions, including specific technologies of mass production, the ability to independently and privately own and trade in means of production, a class of workers willing to sell their labour power for a living, a legal framework promoting commerce, a physical infrastructure allowing the circulation of goods on a large scale and security for private accumulation. Many of these conditions do not currently exist in many Third World countries, although there is plenty of capital and labour. The obstacles for the development of capitalist markets are therefore less technical and more social, cultural and political.

Agrarian capitalism

The economic foundations of the feudal agricultural system began to shift substantially in 16th-century England as the manorial system had broken down and land began to become concentrated in the hands of fewer landlords with increasingly large estates. Instead of a serf-based system of labor, workers were increasingly employed as part of a broader and expanding money-based economy. The system put pressure on both landlords and tenants to increase the productivity of agriculture to make profit; the weakened coercive power of the aristocracy to extract peasant surpluses encouraged them to try better methods; and the tenants also had incentive to improve their methods in order to flourish in a competitive labor market. Terms of rent for land were becoming subject to economic market forces rather than to the previous stagnant system of custom and feudal obligation.[38][39]

By the early 17th century, England was a centralized state in which much of the feudal order of Medieval Europe had been swept away. This centralization was strengthened by a good system of roads and by a disproportionately large capital city, London. The capital acted as a central market hub for the entire country, creating a very large internal market for goods, contrasting with the fragmented feudal holdings that prevailed in most parts of the Continent.

Mercantilism

A painting of a French seaport from 1638 at the height of mercantilism

The economic doctrine prevailing from the 16th to the 18th centuries is commonly called mercantilism.[40][41] This period, the Age of Discovery, was associated with the geographic exploration of the foreign lands by merchant traders, especially from England and the Low Countries. Mercantilism was a system of trade for profit, although commodities were still largely produced by non-capitalist methods.[42] Most scholars consider the era of merchant capitalism and mercantilism as the origin of modern capitalism,[43][44] although Karl Polanyi argued that the hallmark of capitalism is the establishment of generalized markets for what he called the “fictitious commodities”, i.e. land, labor and money. Accordingly, he argued that “not until 1834 was a competitive labor market established in England, hence industrial capitalism as a social system cannot be said to have existed before that date”.[45]

Robert Clive after the Battle of Plassey, which began East India Company rule in India

England began a large-scale and integrative approach to mercantilism during the Elizabethan Era (1558–1603). A systematic and coherent explanation of balance of trade was made public through Thomas Mun‘s argument England’s Treasure by Forraign Trade, or the Balance of our Forraign Trade is The Rule of Our Treasure. It was written in the 1620s and published in 1664.[46]

European merchants, backed by state controls, subsidies and monopolies, made most of their profits by buying and selling goods. In the words of Francis Bacon, the purpose of mercantilism was “the opening and well-balancing of trade; the cherishing of manufacturers; the banishing of idleness; the repressing of waste and excess by sumptuary laws; the improvement and husbanding of the soil; the regulation of prices…”.[47]

The British East India Company and the Dutch East India Company inaugurated an expansive era of commerce and trade.[48][49] These companies were characterized by their colonial and expansionary powers given to them by nation-states.[48] During this era, merchants, who had traded under the previous stage of mercantilism, invested capital in the East India Companies and other colonies, seeking a return on investment.

Industrial capitalism

A Watt steam engine: the steam engine fuelled primarily by coal propelled the Industrial Revolution in Great Britain[50]

In the mid-18th century, a new group of economic theorists, led by David Hume[51] and Adam Smith, challenged fundamental mercantilist doctrines such as the belief that the world’s wealth remained constant and that a state could only increase its wealth at the expense of another state.

During the Industrial Revolution, industrialists replaced merchants as a dominant factor in the capitalist system and affected the decline of the traditional handicraft skills of artisans, guilds and journeymen. Also during this period, the surplus generated by the rise of commercial agriculture encouraged increased mechanization of agriculture. Industrial capitalism marked the development of the factory system of manufacturing, characterized by a complex division of labor between and within work process and the routine of work tasks; and finally established the global domination of the capitalist mode of production.[41]

Britain also abandoned its protectionist policy as embraced by mercantilism. In the 19th century, Richard Cobden and John Bright, who based their beliefs on the Manchester School, initiated a movement to lower tariffs.[52] In the 1840s, Britain adopted a less protectionist policy, with the repeal of the Corn Laws and the Navigation Acts.[41] Britain reduced tariffs and quotas, in line with David Ricardo’s advocacy for free trade.

Modern capitalism

The gold standard formed the financial basis of the international economy from 1870 to 1914

Capitalism was carried across the world by broader processes of globalization and by the beginning of the nineteenth century a series of loosely connected market systems had come together as a relatively integrated global system, in turn intensifying processes of economic and other globalization.[53][page needed] Later in the 20th century, capitalism overcame a challenge by centrally-planned economies and is now the encompassing system worldwide,[16][54] with the mixed economy being its dominant form in the industrialized Western world.

Industrialization allowed cheap production of household items using economies of scale while rapid population growth created sustained demand for commodities. Globalization in this period was decisively shaped by 18th-century imperialism.[53][page needed]

After the First and Second Opium Wars and the completion of British conquest of India, vast populations of these regions became ready consumers of European exports. Also in this period, areas of sub-Saharan Africa and the Pacific islands were colonised. The conquest of new parts of the globe, notably sub-Saharan Africa, by Europeans yielded valuable natural resources such as rubber, diamonds and coal and helped fuel trade and investment between the European imperial powers, their colonies and the United States:

The inhabitant of London could order by telephone, sipping his morning tea, the various products of the whole earth, and reasonably expect their early delivery upon his doorstep. Militarism and imperialism of racial and cultural rivalries were little more than the amusements of his daily newspaper. What an extraordinary episode in the economic progress of man was that age which came to an end in August 1914.[55]

In this period, the global financial system was mainly tied to the gold standard. The United Kingdom first formally adopted this standard in 1821. Soon to follow were Canada in 1853, Newfoundland in 1865, the United States and Germany (de jure) in 1873. New technologies, such as the telegraph, the transatlantic cable, the radiotelephone, the steamship and railway allowed goods and information to move around the world at an unprecedented degree.[56]

The New York stock exchange traders’ floor (1963)

In the period following the global depression of the 1930s, the state played an increasingly prominent role in the capitalistic system throughout much of the world. The postwar boom ended in the late 1960s and early 1970s and the situation was worsened by the rise of stagflation.[57] Monetarism, a modification of Keynesianism that is more compatible with laissez-faire, gained increasing prominence in the capitalist world, especially under the leadership of Ronald Reagan in the United States and Margaret Thatcher in the United Kingdom in the 1980s. Public and political interest began shifting away from the so-called collectivist concerns of Keynes’s managed capitalism to a focus on individual choice, called “remarketized capitalism”.[58]

According to Harvard academic Shoshana Zuboff, a new genus of capitalism, surveillance capitalism, monetizes data acquired through surveillance.[59][60][61] She states it was first discovered and consolidated at Google, emerged due to the “coupling of the vast powers of the digital with the radical indifference and intrinsic narcissism of the financial capitalism and its neoliberal vision that have dominated commerce for at least three decades, especially in the Anglo economies”[60] and depends on the global architecture of computer mediation which produces a distributed and largely uncontested new expression of power she calls “Big Other”.[62]

Relationship to democracy

Many analysts[who?] assert that China is one of the main examples of state capitalism in the 21st century

The relationship between democracy and capitalism is a contentious area in theory and in popular political movements. The extension of universal adult male suffrage in 19th-century Britain occurred along with the development of industrial capitalism and democracy became widespread at the same time as capitalism, leading capitalists to posit a causal or mutual relationship between them.[63] However, according to some authors in the 20th-century, capitalism also accompanied a variety of political formations quite distinct from liberal democracies, including fascist regimes, absolute monarchies and single-party states.[41] Democratic peace theory asserts that democracies seldom fight other democracies, but critics of that theory suggest that this may be because of political similarity or stability rather than because they are democratic or capitalist. Moderate critics argue that though economic growth under capitalism has led to democracy in the past, it may not do so in the future as authoritarian regimes have been able to manage economic growth without making concessions to greater political freedom.[64][65]

Milton Friedman, one of the biggest supporters of the idea that capitalism promotes political freedom, argued that competitive capitalism allows economic and political power to be separate, ensuring that they do not clash with one another. Moderate critics have recently challenged this, stating that the current influence lobbying groups have had on policy in the United States is a contradiction, given the approval of Citizens United. This has led people to question the idea that competitive capitalism promotes political freedom. The ruling on Citizens United allows corporations to spend undisclosed and unregulated amounts of money on political campaigns, shifting outcomes to the interests and undermining true democracy. As explained in Robin Hahnel’s writings, the centerpiece of the ideological defense of the free market system is the concept of economic freedom and that supporters equate economic democracy with economic freedom and claim that only the free market system can provide economic freedom. According to Hahnel, there are a few objections to the premise that capitalism offers freedom through economic freedom. These objections are guided by critical questions about who or what decides whose freedoms are more protected. Often, the question of inequality is brought up when discussing how well capitalism promotes democracy. An argument that could stand is that economic growth can lead to inequality given that capital can be acquired at different rates by different people. In Capital in the Twenty-First Century, Thomas Piketty of the Paris School of Economics asserts that inequality is the inevitable consequence of economic growth in a capitalist economy and the resulting concentration of wealth can destabilize democratic societies and undermine the ideals of social justice upon which they are built.[66]

States with capitalistic economic systems have thrived under political regimes deemed to be authoritarian or oppressive. Singapore has a successful open market economy as a result of its competitive, business-friendly climate and robust rule of law. Nonetheless, it often comes under fire for its brand of government which though democratic and consistently one of the least corrupt[67] it also operates largely under a one-party rule and does not vigorously defend freedom of expression given its government-regulated press as well as penchant for upholding laws protecting ethnic and religious harmony, judicial dignity and personal reputation. The private (capitalist) sector in the People’s Republic of China has grown exponentially and thrived since its inception, despite having an authoritarian government. Augusto Pinochet‘s rule in Chile led to economic growth and high levels of inequality[68] by using authoritarian means to create a safe environment for investment and capitalism. Similarly, Suharto‘s authoritarian reign and extirpation of the Communist Party of Indonesia allowed for the expansion of capitalism in Indonesia.[69][70]

Varieties of capitalism

Peter A. Hall and David Soskice argued that modern economies have developed two different forms of capitalism: liberal market economies (or LME) (e.g. the United States, the United Kingdom, Canada, New Zealand and Ireland) and coordinated market economies (CME) (e.g. Germany, Japan, Sweden and Austria). Those two types can be distinguished by the primary way in which firms coordinate with each other and other actors, such as trade unions. In LMEs, firms primarily coordinate their endeavors by way of hierarchies and market mechanisms. Coordinated market economies more heavily rely on non-market forms of interaction in the coordination of their relationship with other actors (for a detailed description see Varieties of Capitalism). These two forms of capitalisms developed different industrial relations, vocational training and education, corporate governance, inter-firm relations and relations with employees. The existence of these different forms of capitalism has important societal effects, especially in periods of crisis and instability. Since the early 2000s, the number of labor market outsiders has rapidly grown in Europe, especially among the youth, potentially influencing social and political participation. Using varieties of capitalism theory, it is possible to disentangle the different effects on social and political participation that an increase of labor market outsiders has in liberal and coordinated market economies (Ferragina et al., 2016).[71] The social and political disaffection, especially among the youth, seems to be more pronounced in liberal than coordinated market economies. This signals an important problem for liberal market economies in a period of crisis. If the market does not provide consistent job opportunities (as it has in previous decades), the shortcomings of liberal social security systems may depress social and political participation even further than in other capitalist economies.

Characteristics

In general, capitalism as an economic system and mode of production can be summarised by the following:[72]

The market

The price (P) of a product is determined by a balance between production at each price (supply, S) and the desires of those with purchasing power at each price (demand, D): this results in a market equilibrium, with a given quantity (Q) sold of the product, whereas a rise in demand would result in an increase in price and an increase in output

In free market and laissez-faire forms of capitalism, markets are used most extensively with minimal or no regulation over the pricing mechanism. In mixed economies, which are almost universal today,[80] markets continue to play a dominant role, but they are regulated to some extent by the state in order to correct market failures, promote social welfare, conserve natural resources, fund defense and public safety or other rationale. In state capitalist systems, markets are relied upon the least, with the state relying heavily on state-owned enterprises or indirect economic planning to accumulate capital.

Supply is the amount of a good or service that is available for purchase or sale. Demand is the measure of value for a good that people are willing to buy at a given time. Prices tend to rise when demand for an available resource increases or its supply diminishes and fall with demand or when supply increases.

Competition arises when more than one producer is trying to sell the same or similar products to the same buyers. In capitalist theory, competition leads to innovation and more affordable prices. Without competition, a monopoly or cartel may develop. A monopoly occurs when a firm is granted exclusivity over a market. Hence the firm can engage in rent seeking behaviors such as limiting output and raising prices because it has no fear of competition. A cartel is a group of firms that act together in a monopolistic manner to control output and prices.

Governments have implemented legislation for the purpose of preventing the creation of monopolies and cartels. In 1890, the Sherman Anti-Trust Act became the first legislation passed by the United States Congress to limit monopolies.[81]

Profit motive

The profit motive, in the theory in capitalism, is the desire to earn income in the form of profit. Stated differently, the reason for a business’s existence is to turn a profit. The profit motive functions according to rational choice theory, or the theory that individuals tend to pursue what is in their own best interests. Accordingly, businesses seek to benefit themselves and/or their shareholders by maximizing profit.

In capitalist theoretics, the profit motive is said to ensure that resources are being allocated efficiently. For instance, Austrian economist Henry Hazlitt explains: “If there is no profit in making an article, it is a sign that the labor and capital devoted to its production are misdirected: the value of the resources that must be used up in making the article is greater than the value of the article itself”.[82] In other words, profits let companies know whether an item is worth producing. Theoretically, in free and competitive markets maximising profit ensures that resources are not wasted.

Private property

The relationship between the state, its formal mechanisms and capitalist societies has been debated in many fields of social and political theory, with active discussion since the 19th century. Hernando de Soto is a contemporary Peruvian economist who has argued that an important characteristic of capitalism is the functioning state protection of property rights in a formal property system where ownership and transactions are clearly recorded.[83]

According to de Soto, this is the process by which physical assets are transformed into capital, which in turn may be used in many more ways and much more efficiently in the market economy. A number of Marxian economists have argued that the Enclosure Acts in England and similar legislation elsewhere were an integral part of capitalist primitive accumulation and that specific legal frameworks of private land ownership have been integral to the development of capitalism.[84][85]

Market competition

In capitalist economics, market competition is the rivalry among sellers trying to achieve such goals as increasing profits, market share and sales volume by varying the elements of the marketing mix: price, product, distribution and promotion. Merriam-Webster defines competition in business as “the effort of two or more parties acting independently to secure the business of a third party by offering the most favourable terms”.[86] It was described by Adam Smith in The Wealth of Nations (1776) and later economists as allocating productive resources to their most highly valued uses[87] and encouraging efficiency. Smith and other classical economists before Antoine Augustine Cournot were referring to price and non-price rivalry among producers to sell their goods on best terms by bidding of buyers, not necessarily to a large number of sellers nor to a market in final equilibrium.[88] Competition is widespread throughout the market process. It is a condition where “buyers tend to compete with other buyers, and sellers tend to compete with other sellers”.[89] In offering goods for exchange, buyers competitively bid to purchase specific quantities of specific goods which are available, or might be available if sellers were to choose to offer such goods. Similarly, sellers bid against other sellers in offering goods on the market, competing for the attention and exchange resources of buyers. Competition results from scarcity—there is never enough to satisfy all conceivable human wants—and occurs “when people strive to meet the criteria that are being used to determine who gets what”.[89]

Economic growth

World’s GDP per capita shows exponential growth since the beginning of the Industrial Revolution[90]

Capitalism and the economy of the People’s Republic of China

Historically, capitalism has an ability to promote economic growth as measured by gross domestic product (GDP), capacity utilization or standard of living. This argument was central, for example, to Adam Smith’s advocacy of letting a free market control production and price and allocate resources. Many theorists have noted that this increase in global GDP over time coincides with the emergence of the modern world capitalist system.[91][92]

Between 1000 and 1820, the world economy grew sixfold, a faster rate than the population growth, so individuals enjoyed, on average, a 50% increase in income. Between 1820 and 1998, world economy grew 50-fold, a much faster rate than the population growth, so individuals enjoyed on average a 9-fold increase in income.[93] Over this period, in Europe, North America and Australasia the economy grew 19-fold per person, even though these regions already had a higher starting level; and in Japan, which was poor in 1820, the increase per person was 31-fold. In the Third World, there was an increase, but only 5-fold per person.[93]

As a mode of production

The capitalist mode of production refers to the systems of organising production and distribution within capitalist societies. Private money-making in various forms (renting, banking, merchant trade, production for profit and so on) preceded the development of the capitalist mode of production as such. The capitalist mode of production proper based on wage-labour and private ownership of the means of production and on industrial technology began to grow rapidly in Western Europe from the Industrial Revolution, later extending to most of the world.[citation needed]

The term capitalist mode of production is defined by private ownership of the means of production, extraction of surplus value by the owning class for the purpose of capital accumulation, wage-based labour and at least as far as commodities are concerned being market-based.[94]

Capitalism in the form of money-making activity has existed in the shape of merchants and money-lenders who acted as intermediaries between consumers and producers engaging in simple commodity production (hence the reference to “merchant capitalism“) since the beginnings of civilisation. What is specific about the “capitalist mode of production” is that most of the inputs and outputs of production are supplied through the market (i.e. they are commodities) and essentially all production is in this mode.[10] For example, in flourishing feudalism most or all of the factors of production including labour are owned by the feudal ruling class outright and the products may also be consumed without a market of any kind, it is production for use within the feudal social unit and for limited trade.[73] This has the important consequence that the whole organisation of the production process is reshaped and re-organised to conform with economic rationality as bounded by capitalism, which is expressed in price relationships between inputs and outputs (wages, non-labour factor costs, sales and profits) rather than the larger rational context faced by society overall—that is, the whole process is organised and re-shaped in order to conform to “commercial logic”. Essentially, capital accumulation comes to define economic rationality in capitalist production.[74]

A society, region or nation is capitalist if the predominant source of incomes and products being distributed is capitalist activity, but even so this does not yet mean necessarily that the capitalist mode of production is dominant in that society.

Supply and demand

The price P of a product is determined by a balance between production at each price (supply S) and the desires of those with purchasing power at each price (demand D): the diagram shows a positive shift in demand from D1 to D2, resulting in an increase in price (P) and quantity sold (Q) of the product

In capitalist economic structures, supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers (at the current price) will equal the quantity supplied by producers (at the current price), resulting in an economic equilibrium for price and quantity.

The four basic laws of supply and demand are:[95]:37

  1. If demand increases (demand curve shifts to the right) and supply remains unchanged, then a shortage occurs, leading to a higher equilibrium price.
  2. If demand decreases (demand curve shifts to the left) and supply remains unchanged, then a surplus occurs, leading to a lower equilibrium price.
  3. If demand remains unchanged and supply increases (supply curve shifts to the right), then a surplus occurs, leading to a lower equilibrium price.
  4. If demand remains unchanged and supply decreases (supply curve shifts to the left), then a shortage occurs, leading to a higher equilibrium price.

Graphical representation of supply and demand

Although it is normal to regard the quantity demanded and the quantity supplied as functions of the price of the goods, the standard graphical representation, usually attributed to Alfred Marshall, has price on the vertical axis and quantity on the horizontal axis, the opposite of the standard convention for the representation of a mathematical function.

Since determinants of supply and demand other than the price of the goods in question are not explicitly represented in the supply-demand diagram, changes in the values of these variables are represented by moving the supply and demand curves (often described as “shifts” in the curves). By contrast, responses to changes in the price of the good are represented as movements along unchanged supply and demand curves.

Supply schedule

A supply schedule is a table that shows the relationship between the price of a good and the quantity supplied. Under the assumption of perfect competition, supply is determined by marginal cost. That is: firms will produce additional output while the cost of producing an extra unit of output is less than the price they would receive.

A hike in the cost of raw goods would decrease supply and shifting costs up while a discount would increase supply, shifting costs down and hurting producers as producer surplus decreases.

By its very nature, conceptualising a supply curve requires the firm to be a perfect competitor (i.e. to have no influence over the market price). This is true because each point on the supply curve is the answer to the question “If this firm is faced with this potential price, how much output will it be able to and willing to sell?”. If a firm has market power, its decision of how much output to provide to the market influences the market price, therefore the firm is not “faced with” any price and the question becomes less relevant.

Economists distinguish between the supply curve of an individual firm and between the market supply curve. The market supply curve is obtained by summing the quantities supplied by all suppliers at each potential price, thus in the graph of the supply curve individual firms’ supply curves are added horizontally to obtain the market supply curve.

Economists also distinguish the short-run market supply curve from the long-run market supply curve. In this context, two things are assumed constant by definition of the short run: the availability of one or more fixed inputs (typically physical capital) and the number of firms in the industry. In the long-run, firms can adjust their holdings of physical capital, enabling them to better adjust their quantity supplied at any given price. Furthermore, in the long-run potential competitors can enter or exit the industry in response to market conditions. For both of these reasons, long-run market supply curves are generally flatter than their short-run counterparts.

The determinants of supply are:

  1. Production costs: how much a goods costs to be produced. Production costs are the cost of the inputs; primarily labor, capital, energy and materials. They depend on the technology used in production and/or technological advances. See productivity.
  2. Firms’ expectations about future prices.
  3. Number of suppliers.

Demand schedule

A demand schedule, depicted graphically as the demand curve, represents the amount of some goods that buyers are willing and able to purchase at various prices, assuming all determinants of demand other than the price of the good in question, such as income, tastes and preferences, the price of substitute goods and the price of complementary goods, remain the same. According to the law of demand, the demand curve is almost always represented as downward-sloping, meaning that as price decreases, consumers will buy more of the good.[96]

Just like the supply curves reflect marginal cost curves, demand curves are determined by marginal utility curves.[97] Consumers will be willing to buy a given quantity of a good at a given price, if the marginal utility of additional consumption is equal to the opportunity cost determined by the price—that is, the marginal utility of alternative consumption choices. The demand schedule is defined as the willingness and ability of a consumer to purchase a given product in a given frame of time.

While the aforementioned demand curve is generally downward-sloping, there may be rare examples of goods that have upward-sloping demand curves. Two different hypothetical types of goods with upward-sloping demand curves are Giffen goods (an inferior, but staple good) and Veblen goods (goods made more fashionable by a higher price).

By its very nature, conceptualising a demand curve requires that the purchaser be a perfect competitor—that is, that the purchaser has no influence over the market price. This is true because each point on the demand curve is the answer to the question “If this buyer is faced with this potential price, how much of the product will it purchase?”. If a buyer has market power, so its decision of how much to buy influences the market price, then the buyer is not “faced with” any price and the question is meaningless.

Like with supply curves, economists distinguish between the demand curve of an individual and the market demand curve. The market demand curve is obtained by summing the quantities demanded by all consumers at each potential price, thus in the graph of the demand curve individuals’ demand curves are added horizontally to obtain the market demand curve.

The determinants of demand are:

  1. Income.
  2. Tastes and preferences.
  3. Prices of related goods and services.
  4. Consumers’ expectations about future prices and incomes that can be checked.
  5. Number of potential consumers.

Equilibrium

In the context of supply and demand, economic equilibrium refers to a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change. For example, in the standard text-book model of perfect competition equilibrium occurs at the point at which quantity demanded and quantity supplied are equal.[98] Market equilibrium in this case refers to a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers. This price is often called the competitive price or market clearing price and will tend not to change unless demand or supply changes and the quantity is called “competitive quantity” or market clearing quantity.

Partial equilibrium

Partial equilibrium, as the name suggests, takes into consideration only a part of the market to attain equilibrium.

Jain proposes (attributed to George Stigler): “A partial equilibrium is one which is based on only a restricted range of data, a standard example is price of a single product, the prices of all other products being held fixed during the analysis”.[99]

The supply and demand model is a partial equilibrium model of economic equilibrium, where the clearance on the market of some specific goods is obtained independently from prices and quantities in other markets. In other words, the prices of all substitutes and complements as well as income levels of consumers are constant. This makes analysis much simpler than in a general equilibrium model which includes an entire economy.

Here the dynamic process is that prices adjust until supply equals demand. It is a powerfully simple technique that allows one to study equilibrium, efficiency and comparative statics. The stringency of the simplifying assumptions inherent in this approach make the model considerably more tractable, but it may produce results which while seemingly precise do not effectively model real world economic phenomena.

Partial equilibrium analysis examines the effects of policy action in creating equilibrium only in that particular sector or market which is directly affected, ignoring its effect in any other market or industry assuming that they being small will have little impact if any.

Hence this analysis is considered to be useful in constricted markets.

Léon Walras first formalised the idea of a one-period economic equilibrium of the general economic system, but it was French economist Antoine Augustin Cournot and English political economist Alfred Marshall who developed tractable models to analyse an economic system.

Empirical estimation

Demand and supply relations in a market can be statistically estimated from price, quantity and other data with sufficient information in the model. This can be done with simultaneous-equation methods of estimation in econometrics. Such methods allow solving for the model-relevant “structural coefficients”, the estimated algebraic counterparts of the theory. The parameter identification problem is a common issue in “structural estimation”. Typically, data on exogenous variables (that is, variables other than price and quantity, both of which are endogenous variables) are needed to perform such an estimation. An alternative to “structural estimation” is reduced-form estimation, which regresses each of the endogenous variables on the respective exogenous variables.

Macroeconomic uses of demand and supply

Demand and supply have also been generalised to explain macroeconomic variables in a market economy, including the quantity of total output and the general price level. The Aggregate Demand–Aggregate Supply model may be the most direct application of supply and demand to macroeconomics, but other macroeconomic models also use supply and demand. Compared to microeconomic uses of demand and supply, different (and more controversial) theoretical considerations apply to such macroeconomic counterparts as aggregate demand and aggregate supply. Demand and supply are also used in macroeconomic theory to relate money supply and money demand to interest rates and to relate labor supply and labor demand to wage rates.

History

According to Hamid S. Hosseini, the power of supply and demand was understood to some extent by several early Muslim scholars, such as fourteenth-century Mamluk scholar Ibn Taymiyyah, who wrote: “If desire for goods increases while its availability decreases, its price rises. On the other hand, if availability of the good increases and the desire for it decreases, the price comes down”.[100]

John Locke‘s 1691 work Some Considerations on the Consequences of the Lowering of Interest and the Raising of the Value of Money[101] includes an early and clear description of supply and demand and their relationship. In this description, demand is rent: “The price of any commodity rises or falls by the proportion of the number of buyer and sellers” and “that which regulates the price… [of goods] is nothing else but their quantity in proportion to their rent”.

The phrase “supply and demand” was first used by James Denham-Steuart in his Inquiry into the Principles of Political Economy, published in 1767. Adam Smith used the phrase in his 1776 book The Wealth of Nations, and David Ricardo titled one chapter of his 1817 work Principles of Political Economy and Taxation “On the Influence of Demand and Supply on Price”.[102]

In The Wealth of Nations, Smith generally assumed that the supply price was fixed, but that its “merit” (value) would decrease as its “scarcity” increased, in effect what was later called the law of demand also. In Principles of Political Economy and Taxation, Ricardo more rigorously laid down the idea of the assumptions that were used to build his ideas of supply and demand. Antoine Augustin Cournot first developed a mathematical model of supply and demand in his 1838 Researches into the Mathematical Principles of Wealth, including diagrams.

During the late 19th century, the marginalist school of thought emerged. This field mainly was started by Stanley Jevons, Carl Menger and Léon Walras. The key idea was that the price was set by the most expensive price—that is, the price at the margin. This was a substantial change from Adam Smith’s thoughts on determining the supply price.

In his 1870 essay “On the Graphical Representation of Supply and Demand”, Fleeming Jenkin in the course of “introduc[ing] the diagrammatic method into the English economic literature” published the first drawing of supply and demand curves therein,[103] including comparative statics from a shift of supply or demand and application to the labor market.[104] The model was further developed and popularized by Alfred Marshall in the 1890 textbook Principles of Economics.[102]

Role of government

In a capitalist system, the government does not prohibit private property or prevent individuals from working where they please. The government does not prevent firms from determining what wages they will pay and what prices they will charge for their products. However, many countries have minimum wage laws and minimum safety standards.

Under some versions of capitalism, the government carries out a number of economic functions, such as issuing money, supervising public utilities and enforcing private contracts. Many countries have competition laws that prohibit monopolies and cartels from forming. Despite anti-monopoly laws, large corporations can form near-monopolies in some industries. Such firms can temporarily drop prices and accept losses to prevent competition from entering the market and then raise them again once the threat of entry is reduced. In many countries, public utilities (e.g. electricity, heating fuel and communications) are able to operate as a monopoly under government regulation due to high economies of scale.

Government agencies regulate the standards of service in many industries, such as airlines and broadcasting as well as financing a wide range of programs. In addition, the government regulates the flow of capital and uses financial tools such as the interest rate to control factors such as inflation and unemployment.[105]

Relationship to political freedom

In his book The Road to Serfdom, Friedrich Hayek asserts that the economic freedom of capitalism is a requisite of political freedom. He argues that the market mechanism is the only way of deciding what to produce and how to distribute the items without using coercion. Milton Friedman, Andrew Brennan and Ronald Reagan also promoted this view. Friedman claimed that centralized economic operations are always accompanied by political repression. In his view, transactions in a market economy are voluntary and that the wide diversity that voluntary activity permits is a fundamental threat to repressive political leaders and greatly diminish their power to coerce. Some of Friedman’s views were shared by John Maynard Keynes, who believed that capitalism is vital for freedom to survive and thrive.[106][107] Freedom House, an American think tank that conducts international research on and advocates for, democracy, political freedom and human rights, has argued “there is a high and statistically significant correlation between the level of political freedom as measured by Freedom House and economic freedom as measured by the Wall Street Journal/Heritage Foundation survey“.[108]

Types of capitalism

There are many variants of capitalism in existence that differ according to country and region. They vary in their institutional makeup and by their economic policies. The common features among all the different forms of capitalism is that they are based on the production of goods and services for profit, predominantly market-based allocation of resources and they are structured upon the accumulation of capital. The major forms of capitalism are listed hereafter:

Advanced capitalism

Advanced capitalism is the situation that pertains to a society in which the capitalist model has been integrated and developed deeply and extensively for a prolonged period. Various writers identify Antonio Gramsci as an influential early theorist of advanced capitalism, even if he did not use the term himself. In his writings, Gramsci sought to explain how capitalism had adapted to avoid the revolutionary overthrow that had seemed inevitable in the 19th century. At the heart of his explanation was the decline of raw coercion as a tool of class power, replaced by use of civil society institutions to manipulate public ideology in the capitalists’ favour.[109][110][111]

Jürgen Habermas has been a major contributor to the analysis of advanced-capitalistic societies. Habermas observed four general features that characterise advanced capitalism:

  • Concentration of industrial activity in a few large firms.
  • Constant reliance on the state to stabilise the economic system.
  • A formally democratic government that legitimises the activities of the state and dissipates opposition to the system.
  • The use of nominal wage increases to pacify the most restless segments of the work force.[112]

Finance capitalism

In their critique of capitalism, Marxism and Leninism both emphasise the role of “finance capital” as the determining and ruling-class interest in capitalist society, particularly in the latter stages.[113][114]

Rudolf Hilferding is credited[by whom?] with first bringing the term “finance capitalism” into prominence through Finance Capital, his 1910 study of the links between German trusts, banks and monopolies—a study subsumed by Vladimir Lenin into Imperialism, the Highest Stage of Capitalism (1917), his analysis of the imperialist relations of the great world powers.[115] Lenin concluded that the banks at that time operated as “the chief nerve centres of the whole capitalist system of national economy”.[116] For the Comintern (founded in 1919), the phrase “dictatorship of finance capitalism”[117] became a regular one.

Fernnand Braudel would later point to two earlier periods when finance capitalism had emerged in human history—with the Genoese in the 16th century and with the Dutch in the 17th and 18th centuries—although at those points it developed from commercial capitalism.[118][need quotation to verify] Giovanni Arrighi extended Braudel’s analysis to suggest that a predominance of finance capitalism is a recurring, long-term phenomenon, whenever a previous phase of commercial/industrial capitalist expansion reaches a plateau.[119]

Mercantilism

The subscription room at Lloyd’s of London in the early 19th century

Mercantilism is a nationalist form of early capitalism that came into existence approximately in the late 16th century. It is characterized by the intertwining of national business interests to state-interest and imperialism; and consequently, the state apparatus is utilized to advance national business interests abroad. An example of this is colonists living in America who were only allowed to trade with and purchase goods from their respective mother countries (e.g. Britain, Portugal and France). Mercantilism was driven by the belief that the wealth of a nation is increased through a positive balance of trade with other nations—it corresponds to the phase of capitalist development sometimes called the primitive accumulation of capital.

Free market economy

Free market economy refers to a capitalist economic system where prices for goods and services are set freely by the forces of supply and demand and are allowed to reach their point of equilibrium without intervention by government policy. It typically entails support for highly competitive markets and private ownership of productive enterprises. Laissez-faire is a more extensive form of free market economy where the role of the state is limited to protecting property rights, or for plumbline anarcho-capitalists, property rights are protected by private firms and market-generated law.

Social market economy

A social market economy is a nominally free market system where government intervention in price formation is kept to a minimum, but the state provides significant services in the area of social security, unemployment benefits and recognition of labor rights through national collective bargaining arrangements. This model is prominent in Western and Northern European countries as well as Japan, albeit in slightly different configurations. The vast majority of enterprises are privately owned in this economic model.

Rhine capitalism refers to the contemporary model of capitalism and adaptation of the social market model that exists in continental Western Europe today.

State capitalism

State capitalism is a capitalist market economy dominated by state-owned enterprises, where the state enterprises are organized as commercial, profit-seeking businesses. The designation has been used broadly throughout the 20th century to designate a number of different economic forms, ranging from state-ownership in market economies to the command economies of the former Eastern Bloc. According to Aldo Musacchio, a professor at Harvard Business School, state capitalism is a system in which governments, whether democratic or autocratic, exercise a widespread influence on the economy either through direct ownership or various subsidies. Musacchio notes a number of differences between today’s state capitalism and its predecessors. In his opinion, gone are the days when governments appointed bureaucrats to run companies: the world’s largest state-owned enterprises are now traded on the public markets and kept in good health by large institutional investors. Contemporary state capitalism is associated with the East Asian model of capitalism, dirigisme and the economy of Norway.[120] Alternatively, Merriam-Webster defines state capitalism as “an economic system in which private capitalism is modified by a varying degree of government ownership and control”.[121]

In Socialism: Utopian and Scientific, Friedrich Engels argued that state-owned enterprises would characterize the final stage of capitalism, consisting of ownership and management of large-scale production and communication by the bourgeois state.[122] In his writings, Vladimir Lenin characterized the economy of Soviet Russia as state capitalist, believing state capitalism to be an early step toward the development of socialism.[123][124]

Some economists and left-wing academics including Richard D. Wolff and Noam Chomsky argue that the economies of the former Soviet Union and Eastern bloc represented a form of state capitalism because their internal organization within enterprises and the system of wage labor remained intact.[125][126][127]

The term is not used by Austrian School economists to describe state ownership of the means of production. The economist Ludwig von Mises argued that the designation of “state capitalism” was simply a new label for the old labels of “state socialism” and “planned economy” and differed only in non-essentials from these earlier designations.[128]

The debate between proponents of private versus state capitalism is centered around questions of managerial efficacy, productive efficiency and fair distribution of wealth.

Corporate capitalism

Corporate capitalism is a free or mixed-market economy characterized by the dominance of hierarchical, bureaucratic corporations.

Mixed economy

A mixed economy is a largely market-based economy consisting of both private and public ownership of the means of production and economic interventionism through macroeconomic policies intended to correct market failures, reduce unemployment and keep inflation low. The degree of intervention in markets varies among different countries. Some mixed economies, such as France under dirigisme, also featured a degree of indirect economic planning over a largely capitalist-based economy.

Most modern capitalist economies are defined as “mixed economies” to some degree.[citation needed]

Others

Other variants of capitalism include:

Capital accumulation

The accumulation of capital is the process of “making money”, or growing an initial sum of money through investment in production. Capitalism is based on the accumulation of capital, whereby financial capital is invested in order to make a profit and then reinvested into further production in a continuous process of accumulation. In Marxian economic theory, this dynamic is called the law of value. Capital accumulation forms the basis of capitalism, where economic activity is structured around the accumulation of capital, defined as investment in order to realize a financial profit.[129] In this context, “capital” is defined as money or a financial asset invested for the purpose of making more money (whether in the form of profit, rent, interest, royalties, capital gain or some other kind of return).[130]

In mainstream economics, accounting and Marxian economics, capital accumulation is often equated with investment of profit income or saving, especially in real capital goods. The concentration and centralisation of capital are two of the results of such accumulation. In modern macroeconomics and econometrics, the phrase “capital formation” is often used in preference to “accumulation”, though the United Nations Conference on Trade and Development (UNCTAD) refers nowadays to “accumulation”. The term “accumulation” is occasionally used in national accounts.

Background

Accumulation can be measured as the monetary value of investments, the amount of income that is reinvested, or as the change in the value of assets owned (the increase in the value of the capital stock). Using company balance sheets, tax data and direct surveys as a basis, government statisticians estimate total investments and assets for the purpose of national accounts, national balance of payments and flow of funds statistics. The Reserve Banks and the Treasury usually provide interpretations and analysis of this data. Standard indicators include capital formation, gross fixed capital formation, fixed capital, household asset wealth and foreign direct investment.

Organisations such as the International Monetary Fund, the UNCTAD, the World Bank Group, the OECD and the Bank for International Settlements used national investment data to estimate world trends. The Bureau of Economic Analysis, Eurostat and the Japan Statistical Office provide data on the United States, Europe and Japan respectively. Other useful sources of investment information are business magazines such as Fortune, Forbes, The Economist, Business Week and so on as well as various corporate “watchdog” organisations and non-governmental organisation publications. A reputable scientific journal is the Review of Income & Wealth. In the case of the United States, the “Analytical Perspectives” document (an annex to the yearly budget) provides useful wealth and capital estimates applying to the whole country.

In Karl Marx‘ economic theory, capital accumulation refers to the operation whereby profits are reinvested increasing the total quantity of capital. Capital is viewed by Marx as expanding value, that is, in other terms, as a sum of capital, usually expressed in money, that is transformed through human labor into a larger value, extracted as profits and expressed as money. Here, capital is defined essentially as economic or commercial asset value in search of additional value or surplus-value. This requires property relations which enable objects of value to be appropriated and owned, and trading rights to be established. Capital accumulation has a double origin, namely in trade and in expropriation, both of a legal or illegal kind. The reason is that a stock of capital can be increased through a process of exchange or “trading up”, but also through directly taking an asset or resource from someone else without compensation. David Harvey calls this accumulation by dispossession.

The continuation and progress of capital accumulation depends on the removal of obstacles to the expansion of trade and this has historically often been a violent process. As markets expand, more and more new opportunities develop for accumulating capital because more and more types of goods and services can be traded in. However, capital accumulation may also confront resistance when people refuse to sell, or refuse to buy (for example a strike by investors or workers, or consumer resistance).

Concentration and centralisation

According to Marx, capital has the tendency for concentration and centralization in the hands of the wealthy. Marx explains: “It is concentration of capitals already formed, destruction of their individual independence, expropriation of capitalist by capitalist, transformation of many small into few large capitals. […] Capital grows in one place to a huge mass in a single hand, because it has in another place been lost by many. […] The battle of competition is fought by cheapening of commodities. The cheapness of commodities demands, caeteris paribus, on the productiveness of labour, and this again on the scale of production. Therefore, the larger capitals beat the smaller. It will further be remembered that, with the development of the capitalist mode of production, there is an increase in the minimum amount of individual capital necessary to carry on a business under its normal conditions. The smaller capitals, therefore, crowd into spheres of production which Modern Industry has only sporadically or incompletely got hold of. Here competition rages […] It always ends in the ruin of many small capitalists, whose capitals partly pass into the hands of their conquerors, partly vanish”.[131]

The rate of accumulation

In Marxian economics, the rate of accumulation is defined as (1) the value of the real net increase in the stock of capital in an accounting period; and (2) the proportion of realised surplus-value or profit-income which is reinvested, rather than consumed. This rate can be expressed by means of various ratios between the original capital outlay, the realised turnover, surplus-value or profit and reinvestments (e.g. the writings of the economist Michał Kalecki).

Other things being equal, the greater the amount of profit-income that is disbursed as personal earnings and used for consumptive purposes, the lower the savings rate and the lower the rate of accumulation is likely to be. However, earnings spent on consumption can also stimulate market demand and higher investment. This is the cause of endless controversies in economic theory about “how much to spend, and how much to save”.

In a boom period of capitalism, the growth of investments is cumulative, i.e. one investment leads to another, leading to a constantly expanding market, an expanding labor force and an increase in the standard of living for the majority of the people.[citation needed]

In a stagnating, decadent capitalism, the accumulation process is increasingly oriented towards investment on military and security forces, real estate, financial speculation and luxury consumption. In that case, income from value-adding production will decline in favour of interest, rent and tax income, with as a corollary an increase in the level of permanent unemployment. The more capital one owns, the more capital one can also borrow. The inverse is also true and this is one factor in the widening gap between the rich and the poor.[citation needed]

Ernest Mandel emphasised that the rhythm of capital accumulation and growth depended critically on (1) the division of a society’s social product between “necessary product” and “surplus product“; and (2) the division of the surplus product between investment and consumption. In turn, this allocation pattern reflected the outcome of competition among capitalists, competition between capitalists and workers and competition between workers. The pattern of capital accumulation can therefore never be simply explained by commercial factors as it also involved social factors and power relationships.

The circuit of capital accumulation from production

Strictly speaking, capital has accumulated only when realised profit income has been reinvested in capital assets. As suggested in the first volume of Marx’ Das Kapital, the process of capital accumulation in production has at least seven distinct but linked moments:

  • The initial investment of capital (which could be borrowed capital) in means of production and labor power.
  • The command over surplus-labour and its appropriation.
  • The valorisation (increase in value) of capital through production of new outputs.
  • The appropriation of the new output produced by employees, containing the added value.
  • The realisation of surplus-value through output sales.
  • The appropriation of realised surplus-value as (profit) income after deduction of costs.
  • The reinvestment of profit income in production.

All of these moments do not refer simply to an “economic” or commercial process. Rather, they assume the existence of legal, social, cultural and economic power conditions, without which creation, distribution and circulation of the new wealth could not occur. This becomes especially clear when the attempt is made to create a market where none exists, or where people refuse to trade.

Simple and expanded reproduction

In the second volume of Das Kapital, Marx continues the story and shows that with the aid of bank credit capital in search of growth can more or less smoothly mutate from one form to another, alternately taking the form of money capital (liquid deposits, securities and so on), commodity capital (tradable products, real estate and the like), or production capital (means of production and labor power).

His discussion of the simple and expanded reproduction of the conditions of production offers a more sophisticated model of the parameters of the accumulation process as a whole. At simple reproduction, a sufficient amount is produced to sustain society at the given living standard; the stock of capital stays constant. At expanded reproduction, more product-value is produced than is necessary to sustain society at a given living standard (a surplus product); the additional product-value is available for investments which enlarge the scale and variety of production.

The bourgeois claim there is no economic law according to which capital is necessarily re-invested in the expansion of production, that such depends on anticipated profitability, market expectations and perceptions of investment risk. Such statements only explain the subjective experiences of investors and ignore the objective realities which would influence such opinions. As Marx states in the second volume of Das Kapital, simple reproduction only exists if the variable and surplus capital realised by Dept. 1—producers of means of production—exactly equals that of the constant capital of Dept. 2, producers of articles of consumption (p. 524). Such equilibrium rests on various assumptions, such as a constant labor supply (no population growth). Accumulation does not imply a necessary change in total magnitude of value produced, but can simply refer to a change in the composition of an industry (p. 514).

Ernest Mandel introduced the additional concept of contracted economic reproduction, i.e. reduced accumulation where business operating at a loss outnumbers growing business, or economic reproduction on a decreasing scale, for example due to wars, natural disasters or devalorisation.

Balanced economic growth requires that different factors in the accumulation process expand in appropriate proportions. However, markets themselves cannot spontaneously create that balance and in fact what drives business activity is precisely the imbalances between supply and demand: inequality is the motor of growth. This partly explains why the worldwide pattern of economic growth is very uneven and unequal, even although markets have existed almost everywhere for a very long-time. Some people argue that it also explains government regulation of market trade and protectionism.

Capital accumulation as social relation

“Accumulation of capital” sometimes also refers in Marxist writings to the reproduction of capitalist social relations (institutions) on a larger scale over time, i.e. the expansion of the size of the proletariat and of the wealth owned by the bourgeoisie.

This interpretation emphasises that capital ownership, predicated on command over labor, is a social relation: the growth of capital implies the growth of the working class (a “law of accumulation“). In the first volume of Das Kapital, Marx had illustrated this idea with reference to Edward Gibbon Wakefield‘s theory of colonisation:

Wakefield discovered that in the Colonies, property in money, means of subsistence, machines, and other means of production, does not as yet stamp a man as a capitalist if there be wanting the correlative—the wage-worker, the other man who is compelled to sell himself of his own free-will. He discovered that capital is not a thing, but a social relation between persons, established by the instrumentality of things. Mr. Peel, he moans, took with him from England to Swan River, West Australia, means of subsistence and of production to the amount of £50,000. Mr. Peel had the foresight to bring with him, besides, 3,000 persons of the working-class, men, women, and children. Once arrived at his destination, ‘Mr. Peel was left without a servant to make his bed or fetch him water from the river.’ Unhappy Mr. Peel, who provided for everything except the export of English modes of production to Swan River!

— Das Kapital, vol. 1, ch. 33

In the third volume of Das Kapital, Marx refers to the “fetishism of capital” reaching its highest point with interest-bearing capital because now capital seems to grow of its own accord without anybody doing anything:

The relations of capital assume their most externalised and most fetish-like form in interest-bearing capital. We have here M − M ′ {\displaystyle M-M’} , money creating more money, self-expanding value, without the process that effectuates these two extremes. In merchant’s capital, M − C − M ′ {\displaystyle M-C-M’} , there is at least the general form of the capitalistic movement, although it confines itself solely to the sphere of circulation, so that profit appears merely as profit derived from alienation; but it is at least seen to be the product of a social relation, not the product of a mere thing. […] This is obliterated in M − M ′ {\displaystyle M-M’} , the form of interest-bearing capital. […] The thing (money, commodity, value) is now capital even as a mere thing, and capital appears as a mere thing. The result of the entire process of reproduction appears as a property inherent in the thing itself. It depends on the owner of the money, i.e., of the commodity in its continually exchangeable form, whether he wants to spend it as money or loan it out as capital. In interest-bearing capital, therefore, this automatic fetish, self-expanding value, money generating money, are brought out in their pure state and in this form it no longer bears the birth-marks of its origin. The social relation is consummated in the relation of a thing, of money, to itself. Instead of the actual transformation of money into capital, we see here only form without content.

— Das Kapital, vol. 1, ch. 24

Wage labour

An industrial worker amidst heavy steel semi-products (Kinex Bearings, Bytča, Slovakia, c. 1995–2000)

Wage labour refers to the sale of labour under a formal or informal employment contract to an employer.[132] These transactions usually occur in a labour market where wages are market determined.[133] Individuals who possess and supply financial capital or labor to productive ventures often become owners, either jointly (as shareholders) or individually. In Marxist economics, these owners of the means of production and suppliers of capital are generally called capitalists. The description of the role of the capitalist has shifted, first referring to a useless intermediary between producers to an employer of producers and eventually came to refer to owners of the means of production.[134] Labor includes all physical and mental human resources, including entrepreneurial capacity and management skills, which are needed to produce products and services. Production is the act of making goods or services by applying labor power.[135][136]

Critics of the capitalist mode of production see wage labour as a major, if not defining, aspect of hierarchical industrial systems. Most opponents of the institution support worker self-management and economic democracy as alternatives to both wage labour and to capitalism. While most opponents of the wage system blame the capitalist owners of the means of production for its existence, most anarchists and other libertarian socialists also hold the state as equally responsible as it exists as a tool utilised by capitalists to subsidise themselves and protect the institution of private ownership of the means of production. As some opponents of wage labour take influence from Marxist propositions, many are opposed to private property, but maintain respect for personal property.

Types

The most common form of wage labour currently is ordinary direct, or “full-time”, employment in which a free worker sells his or her labour for an indeterminate time (from a few years to the entire career of the worker) in return for a money-wage or salary and a continuing relationship with the employer which it does not in general offer contractors or other irregular staff. However, wage labour takes many other forms and explicit as opposed to implicit (i.e. conditioned by local labour and tax law) contracts are not uncommon. Economic history shows a great variety of ways in which labour is traded and exchanged. The differences show up in the form of:

  • Employment status: a worker could be employed full-time, part-time, or on a casual basis. He or she could be employed for example temporarily for a specific project only, or on a permanent basis. Part-time wage labour could combine with part-time self-employment. The worker could be employed also as an apprentice.
  • Civil (legal) status: the worker could for example be a free citizen, an indentured labourer, the subject of forced labour (including some prison or army labour); a worker could be assigned by the political authorities to a task, they could be a semi-slave or a serf bound to the land who is hired out part of the time. So the labour might be performed on a more or less voluntary basis, or on a more or less involuntary basis, in which there are many gradations.
  • Method of payment (remuneration or compensation): the work done could be paid “in cash” (a money-wage) or “in kind” (through receiving goods and/or services), or in the form of “piece rates” where the wage is directly dependent on how much the worker produces. In some cases, the worker might be paid in the form of credit used to buy goods and services, or in the form of stock options or shares in an enterprise.
  • Method of hiring: the worker might engage in a labour-contract on his or her own initiative, or he or she might hire out their labour as part of a group. However, he or she may also hire out their labour via an intermediary (such as an employment agency) to a third party. In this case, he or she is paid by the intermediary, but works for a third party which pays the intermediary. In some cases, labour is subcontracted several times, with several intermediaries. Another possibility is that the worker is assigned or posted to a job by a political authority, or that an agency hires out a worker to an enterprise together with the means of production.

Effects of war

The common view among economic historians is that the Great Depression ended with the advent of World War II (assembling the North American B-25 Mitchell at Kansas City, 1942)

War typically causes the diversion, destruction and creation of capital assets as capital assets are both destroyed or consumed and diverted to types of production needed to fight the war. Many assets are wasted and in some few cases created specifically to fight a war. War driven demands may be a powerful stimulus for the accumulation of capital and production capability in limited areas and market expansion outside the immediate theatre of war. Often this has induced laws against perceived and real war profiteering.

The total hours worked in the United States rose by 34 percent during World War II, even though the military draft reduced the civilian labor force by 11 percent.[137]

War destruction can be illustrated by looking at World War II. Industrial war damage was heaviest in Japan, where 1/4 of factory buildings and 1/3 of plant and equipment were destroyed; 1/7 of electric power-generating capacity was destroyed and 6/7 of oil refining capacity. The Japanese merchant fleet lost 80% of their ships. In Germany in 1944, when air attacks were heaviest, 6.5% of machine tools were damaged or destroyed, but around 90% were later repaired. About 10% of steel production capacity was lost. In Europe, the United States and the Soviet Union enormous resources were accumulated and ultimately dissipated as planes, ships, tanks and so on were built and then lost or destroyed.

Germany’s total war damage was estimated at about 17.5% of the pre-war total capital stock by value, i.e. about 1/6. In the Berlin area alone, there were 8 million refugees lacking basic necessities. In 1945, less than 10% of the railways were still operating. 2,395 rail bridges were destroyed and a total of 7,500 bridges, 10,000 locomotives and more than 100,000 goods wagons were destroyed. Less than 40% of the remaining locomotives were operational.

However, by the first quarter of 1946 European rail traffic, which was given assistance and preferences (by Western appointed military governors) for resources and material as an essential asset, regained its prewar operational level. At the end of the year, 90% of Germany’s railway lines were operating again. In retrospect, the rapidity of infrastructure reconstruction appears astonishing.

Initially, in May 1945 newly installed United States president Harry S. Truman‘s directive had been that no steps would be taken towards economic rehabilitation of Germany. In fact, the initial industry plan of 1946 prohibited production in excess of half of the 1938 level; the iron and steel industry was allowed to produce only less than a third of pre-war output. These plans were rapidly revised and better plans were instituted. In 1946, over 10% of Germany’s physical capital stock (plant and equipment) was also dismantled and confiscated, most of it going to the Soviet Union. By 1947, industrial production in Germany was at 1/3 of the 1938 level and industrial investment at about 1/2 the 1938 level.

The first big strike-wave in the Ruhr occurred in early 1947—it was about food rations and housing, but soon there were demands for nationalisation. However, the United States appointed military governor (Newman) stated at the time that he had the power to break strikes by withholding food rations. The clear message was “no work, no eat”. As the military controls in Western Germany were nearly all relinquished and the Germans were allowed to rebuild their own economy with Marshall Plan aid things rapidly improved. By 1951, German industrial production had overtaken the prewar level. The Marshall Aid funds were important, but after the currency reform (which permitted German capitalists to revalue their assets) and the establishment of a new political system much more important was the commitment of the United States to rebuilding German capitalism and establishing a free market economy and government, rather than keeping Germany in a weak position. Initially, average real wages remained low, lower even than in 1938, until the early 1950s while profitability was unusually high. So the total investment fund, aided by credits, was also high, resulting in a high rate of capital accumulation which was nearly all reinvested in new construction or new tools. This was called the German economic miracle or Wirtschaftswunder.[138]

In Italy, the victorious Allies did three things in 1945: they imposed their absolute military authority; they quickly disarmed the Italian partisans from a very large stock of weapons; and they agreed to a state guarantee of wage payments as well as a veto on all sackings of workers from their jobs.[139] Although the Italian Communist Party grew very large immediately after the war ended—it achieved a membership of 1.7 million people in a population of 45 million—it was outmaneuvered through a complicated political battle by the Christian Democrats after three years.[140] In the 1950s, an economic boom began in Italy, at first fueled by internal demand and then also by exports.[141]

In modern times, it has often been possible to rebuild physical capital assets destroyed in wars completely within the space of about 10 years, except in cases of severe pollution by chemical warfare or other kinds of irreparable devastation. However, damage to human capital has been much more devastating in terms of fatalities (in the case of World War II, about 55 million deaths), permanent physical disability, enduring ethnic hostility and psychological injuries which have effects for at least several generations.

Criticism

Critics of capitalism associate the economic system with social inequality; unfair distribution of wealth and power; materialism; repression of workers and trade unionists; social alienation; economic inequality; unemployment; and economic instability. Many socialists consider capitalism to be irrational in that production and the direction of the economy are unplanned, creating many inconsistencies and internal contradictions.[142] Capitalism and individual property rights have been associated with the tragedy of the anticommons where owners are unable to agree. Marxian economist Richard D. Wolff postulates that capitalist economies prioritize profits and capital accumulation over the social needs of communities and capitalist enterprises rarely include the workers in the basic decisions of the enterprise.[143] Democratic socialists argue that the role of the state in a capitalist society is to defend the interests of the bourgeoisie.[144] These states take actions to implement such things as unified national markets, national currencies and customs system.[144] Capitalism and capitalist governments have also been criticized as oligarchic in nature[145][146][147] due to the inevitable inequality[148][149] characteristic of economic progress.[150][151]

Some labor historians and scholars have argued that unfree labor—by slaves, indentured servants, prisoners or other coerced persons—is compatible with capitalist relations. Tom Brass argued that unfree labor is acceptable to capital.[152][153] Historian Greg Grandin argues that capitalism has its origins in slavery, saying that “[w]hen historians talk about the Atlantic market revolution, they are talking about capitalism. And when they are talking about capitalism, they are talking about slavery.”[154] Some historians, including Edward E. Baptist and Sven Beckert, assert that slavery was an integral component in the violent development of American and global capitalism.[155][156] The Slovenian continental philosopher Slavoj Žižek posits that the new era of global capitalism has ushered in new forms of contemporary slavery, including migrant workers deprived of basic civil rights on the Arabian Peninsula, the total control of workers in Asian sweatshops, and the use of forced labor in the exploitation of natural resources in Central Africa.[157]

According to Immanuel Wallerstein, institutional racism has been “one of the most significant pillars” of the capitalist system and serves as “the ideological justification for the hierarchization of the work-force and its highly unequal distributions of reward”.[158]

Many aspects of capitalism have come under attack from the anti-globalization movement, which is primarily opposed to corporate capitalism. Environmentalists have argued that capitalism requires continual economic growth and that it will inevitably deplete the finite natural resources of Earth and cause mass extinctions of animal and plant life.[159][160][161] Such critics argue that while neoliberalism, the ideological backbone of contemporary globalized capitalism, has indeed increased global trade, it has also destroyed traditional ways of life, exacerbated inequality and increased global poverty—with more living today in abject poverty than before neoliberalism and that environmental indicators indicate massive environmental degradation since the late 1970s.[22][162][163][164]

Some scholars blame the financial crisis of 2007–2008 on the neoliberal capitalist model.[171] Following the banking crisis of 2007, Alan Greenspan told the United States Congress on 23 October 2008 that “[t]his modern risk-management paradigm held sway for decades. The whole intellectual edifice, however, collapsed in the summer of last year”,[172] and that “I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in firms […] I was shocked”.[173]

Many religions have criticized or opposed specific elements of capitalism. Traditional Judaism, Christianity, and Islam forbid lending money at interest,[174][175] although alternative methods of banking have been developed. Some Christians have criticized capitalism for its materialist aspects and its inability to account for the wellbeing of all people.[176] Many of Jesus’ parables deal with economic concerns: farming, shepherding, being in debt, doing hard labor, being excluded from banquets and the houses of the rich and have implications for wealth and power distribution.[177][178] Catholic scholars and clergy have often criticized capitalism because of its disenfranchisement of the poor, often promoting distributism as an alternative. In his 84-page apostolic exhortation Evangelii gaudium, Catholic Pope Francis described unfettered capitalism as “a new tyranny” and called on world leaders to fight rising poverty and inequality:[179]

Some people continue to defend trickle-down theories which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and inclusiveness in the world. This opinion, which has never been confirmed by the facts, expresses a crude and naive trust in the goodness of those wielding economic power and in the sacralized workings of the prevailing economic system. Meanwhile, the excluded are still waiting.[180]

Proponents of capitalism argue that it creates more prosperity than any other economic system and that its benefits are mainly to the ordinary person.[181] Critics of capitalism variously associate it with economic instability,[182] an inability to provide for the well-being of all people[183] and an unsustainable danger to the natural environment.[159] Socialists maintain that although capitalism is superior to all previously existing economic systems (such as feudalism or slavery), the contradiction between class interests will only be resolved by advancing into a completely new social system of production and distribution in which all persons have an equal relationship to the means of production.[184]

The term capitalism in its modern sense is often attributed to Karl Marx.[42][185] In his Das Kapital, Marx analyzed the “capitalist mode of production” using a method of understanding today known as Marxism. However, Marx himself rarely used the term “capitalism” while it was used twice in the more political interpretations of his work, primarily authored by his collaborator Friedrich Engels. In the 20th century, defenders of the capitalist system often replaced the term capitalism with phrases such as free enterprise and private enterprise and replaced capitalist with rentier and investor in reaction to the negative connotations associated with capitalism.[134]

The profit motive

The majority of criticisms against the profit motive centre on the idea that the profit motive encourages selfishness and greed, rather than serve the public good or necessarily creating an increase in net wealth. Critics of the profit motive contend that companies disregard morals or public safety in the pursuit of profits.[186][187][188][189]

Free market economists counter that the profit motive, coupled with competition, actually reduces the final price of an item for consumption, rather than raising it. They argue that businesses profit by selling a good at a lower price and at a greater volume than the competition. Economist Thomas Sowell uses supermarkets as an example to illustrate this point: “It has been estimated that a supermarket makes a clear profit of about a penny on a dollar of sales. If that sounds pretty skimpy, remember that it is collecting that penny on every dollar at several cash registers simultaneously and, in many cases, around the clock”.[190]

American economist Milton Friedman has argued that greed and self-interest are universal human traits. On a 1979 episode of The Phil Donahue Show, Friedman states: “The world runs on individuals pursuing their separate interests”. He continues by explaining that only in capitalist countries, where individuals can pursue their own self-interest, people have been able to escape from “grinding poverty”.[191]

Comparison to slavery

Pinkerton guards escort strikebreakers in Buchtel, Ohio, 1884

Wage labor has long been compared to slavery.[192][193][194][195] As a result, the phrase “wage slavery” is often utilized as a pejorative for wage labor.[196] Similarly, advocates of slavery looked upon the “comparative evils of Slave Society and of Free Society, of slavery to human Masters and slavery to Capital”[197] and proceeded to argue that wage slavery was actually worse than chattel slavery.[198] Slavery apologists like George Fitzhugh contended that workers only accepted wage labor with the passage of time as they became “familiarised and inattentive to the infected social atmosphere they continually inhale”.[197] Scholars have debated the exact relationship between wage labor, slavery, and capitalism at length, especially for the Antebellum South.[199]

Similarities between wage labor and slavery were noted as early as Cicero in Ancient Rome, such as in De Officiis.[200] With the advent of the Industrial Revolution, thinkers such as Pierre-Joseph Proudhon and Karl Marx elaborated the comparison between wage labor and slavery in the context of a critique of societal property not intended for active personal use[201][202] while Luddites emphasized the dehumanisation brought about by machines. Before the American Civil War, Southern defenders of African American slavery invoked the concept of wage slavery to favorably compare the condition of their slaves to workers in the North.[203][204] The United States abolished slavery during the Civil War, but labor union activists found the metaphor useful. According to Lawrence Glickman, in the Gilded Age “references abounded in the labor press, and it is hard to find a speech by a labour leader without the phrase”.[205]

The slave, together with his labour-power, was sold to his owner once for all. […] The [wage] labourer, on the other hand, sells his very self, and that by fractions. […] He [belongs] to the capitalist class; and it is for him […] to find a buyer in this capitalist class.[206]

Karl Marx

According to Noam Chomsky, analysis of the psychological implications of wage slavery goes back to the Enlightenment era. In his 1791 book On the Limits of State Action, liberal thinker Wilhelm von Humboldt explained how “whatever does not spring from a man’s free choice, or is only the result of instruction and guidance, does not enter into his very nature; he does not perform it with truly human energies, but merely with mechanical exactness” and so when the laborer works under external control, “we may admire what he does, but we despise what he is”.[207] Both the Milgram and Stanford experiments have been found useful in the psychological study of wage-based workplace relations.[208] Additionally, as per anthropologist David Graeber, the earliest wage labor contracts we know about were in fact contracts for the rental of chattel slaves (usually the owner would receive a share of the money and the slave another, with which to maintain his or her living expenses). According to Graeber, such arrangements were quite common in New World slavery as well, whether in the United States or Brazil.[209] C. L. R. James argued in The Black Jacobins that most of the techniques of human organisation employed on factory workers during the Industrial Revolution were first developed on slave plantations.[210]

Girl pulling a coal tub in mine, from official report of the British parliamentary commission in the mid 19th century[211]

Some anti-capitalist thinkers claim that the elite maintain wage slavery and a divided working class through their influence over the media and entertainment industry,[212][213] educational institutions, unjust laws, nationalist and corporate propaganda, pressures and incentives to internalize values serviceable to the power structure, state violence, fear of unemployment[214] and a historical legacy of exploitation and profit accumulation/transfer under prior systems, which shaped the development of economic theory:

Adam Smith noted that employers often conspire together to keep wages low:[215]

The interest of the dealers… in any particular branch of trade or manufactures, is always in some respects different from, and even opposite to, that of the public… [They] have generally an interest to deceive and even to oppress the public… We rarely hear, it has been said, of the combinations of masters, though frequently of those of workmen. But whoever imagines, upon this account, that masters rarely combine, is as ignorant of the world as of the subject. Masters are always and everywhere in a sort of tacit, but constant and uniform combination, not to raise the wages of labor above their actual rate… It is not, however, difficult to foresee which of the two parties must, upon all ordinary occasions, have the advantage in the dispute, and force the other into a compliance with their terms.

Aristotle made the statement that “the citizens must not live a mechanic or a mercantile life (for such a life is ignoble and inimical to virtue), nor yet must those who are to be citizens in the best state be tillers of the soil (for leisure is needed both for the development of virtue and for active participation in politics)”,[216] often paraphrased as “all paid jobs absorb and degrade the mind”.[217] Cicero wrote in 44 BC that “vulgar are the means of livelihood of all hired workmen whom we pay for mere manual labour, not for artistic skill; for in their case the very wage they receive is a pledge of their slavery”.[218] Somewhat similar criticisms have also been expressed by some proponents of liberalism, like Henry George,[219][220] Silvio Gesell and Thomas Paine[221] as well as the Distributist school of thought within the Roman Catholic Church.

To Marxist and anarchist thinkers like Mikhail Bakunin and Peter Kropotkin, wage slavery was a class condition in place due to the existence of private property and the state. This class situation rested primarily on:

  1. The existence of property not intended for active use.
  2. The concentration of ownership in few hands.
  3. The lack of direct access by workers to the means of production and consumption goods.
  4. The perpetuation of a reserve army of unemployed workers.

For Marxists, labor as commodity, which is how they regard wage labor,<